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Constitution of ECS to consider proposals of IOCL for acquiring E&P Assets

Ministry of Petroleum and Natural Gas hereby constitutes an Empowered Committee of Secretaries (ECS) to consider proposals of Indian Oil Corporation Limited (IOCL) for acquiring Exploration and Production Assets including associated downstream facilities, abroad which are beyond the powers delegated to the Board of IOCL.

The composition of the ECS is as under :

  • Secretary (P&NG)                          : Chairman
  • Secretary (Finance)                       : Member
  • Secretary (MEA)                             : Member
  • Secretary (Law)                              : Member
  • Secretary (DPE)                             : Member
  • Secretary (Planning Commission) : Member

​The Empowered Committee of Secretaries will facilitate inter-ministerial consultations, examine the proposals and make recommendations for submission to the Cabinet Committee on Economic Affairs (CCEA) directly for approval. 

Indian Oil Corporation Limited shall strictly adhere to the Department of Public Enterprises (DPE) guidelines under the 'Policy for acquisition of raw material assets abroad by Central Public Sector Enterprises (CPSEs) as amended from time to time while submitting proposals for the consideration of ECS.

This issues with the concurrence of Department of Expenditure and of Department of Public Enterprises. This issues with the approval of Minister for Petroleum & Natural Gas

Source: SNP Infra Research