High-level committee submits its recommendations on crude oil imports

news

A High-Level Committee constituted by the Centre has submitted its recommendations to bring down India’s dependence on crude oil imports. The Committee submitted its report to Minister of Petroleum and Natural Gas Dharmendra Pradhan in New Delhi yesterday.

It has recommended short term, medium term and long term strategies in the report, clearly bringing out the strategy to reduce the import dependency of the nation. Ministry of Petroleum and Natural Gas will consider the recommendations submitted by the Committee while formulating policies.

The High-Level Committee was constituted to examine the issues relating to the preparation of action plan to create synergy among Research and Development Centres of Oil and Gas Public Sector Undertakings, tax issues and ways to benefit from GST by the Oil and Gas PSUs.

It also looked into merger, acquisition and consolidation of Oil and Gas Public Sector Undertakings and the Joint Ventures. It explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to the Oil and Gas sector around the world. The High-Level Committee consisted of Dr Anil Kakodkar, eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues. (AIR NEWS)