High-Level Committee submits recommendations on Crude Oil Imports

May 24, 2019

A High-Level Committee constituted by Centre has submitted its recommendations to Ministry of Petroleum and Natural Gas on bringing down India’s dependence on crude oil imports.

Key Highlights

Composition: The High-Level Committee constituted by the Centre consisted of Dr Anil Kakodkar, an eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.
Purpose: The Committee was constituted to examine issues such as-
- The preparation of action plan to create synergy among Research and Development (R&D) Centres of Oil and Gas Public Sector Undertakings (PSUs, like ONGC, IOC etc.), tax issues and ways by the Oil and Gas PSUs can benefit from GST.
- It looked into acquisition, merger and consolidation of Oil and Gas PSUs and Joint Ventures (JVs).
- It also explored the need and possibility of formation of a new entity that will deal with oil services and supply of qualified manpower to Oil and Gas sector around the world.
Recommendations: In its report submitted to Ministry of Petroleum and Natural Gas it recommended short term, medium term and long term strategies to reduce import dependency of the nation.
Significance: The Petroleum and Natural Gas Ministry will consider recommendations submitted by the Committee while formulating policies.