Besides PESB selected chairman designate B Ashok (currently Executive Director retail sales in IOC) having no board experience, the case for extending Butola's service is more compelling because all the other six directors on board of the nation's largest oil firm are retiring in next one year.
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
ONGC Videsh Managing Director Ranbir Singh Butola was selected to head Indian Oil Corp, the nation's largest refining and fuel marketing firm.
ONGC Videsh Managing Director R S Butola and Bharat Petroleum Director (Refineries) R K Singh are among the 17 candidates in the fray for the top job at Indian Oil Corp, the nation's largest oil firm.
Voting for the bypolls in Punjab, Himachal Pradesh, Uttarakhand, West Bengal, Madhya Pradesh, Bihar and Tamil Nadu were held on Wednesday.
The electoral exercise, the first since the Lok Sabha elections, will decide the fate of many veterans and some debutantes including Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu's wife Kamlesh Thakur.
In the months to come, the skies above promise to be a captivating theatre of action, where helicopters play starring roles, ferrying leaders, and echoing the pulse of democracy.
Reacting to the results, Congress general secretary Priyanka Gandhi Vadra said that in the by-elections held on 13 seats in seven states, the people of the country have given their support to the INDIA bloc.
Vandana Kataria's brother Chandrashekhar Kataria informed the Sidcul police station in-charge about this incident in a written complaint and soon the police detained a person who burst crackers.
Sudhir Bisht urges R S Butola, chairman of Indian Oil Corporation to take up cudgels on behalf of the shareholding public so that IOC remains a 'profit-making' Fortune 500 company.
The Department of Disinvestment, which is looking at mopping up Rs 40,000 crore (Rs 400 billion) from the sale of shares in public sector units this fiscal, has raised about Rs 1,325 crore (Rs 13.25 billion) so far.
IndianOil already has a 8.89 per cent stake in HPL by virtue of a Rs 150-crore (Rs 1.5-billion) investment made in 2004.
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
IOC and other oil PSUs, Bharat Petroleum and Hindustan Petroleum are losing Rs 48 crore per day on sale of petrol, whose pricing was decontrolled by the government in June 2010.
Its advanced Longbow radar picks up enemy armoured vehicles and then destroys them with anti-tank missiles, air-to-surface rockets or a chain gun that sends 625 rounds per minute ripping into the targets.
Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies on Friday said they will roll back the increase in rate if the government gives a directive to that effect.
A day after raising petrol price by a steep Rs 1.80 a litre, Indian Oil Corp, the nation's largest fuel retailer, on Friday said the hike was unavoidable as rupee depreciation has increased crude imports costlier.
The company, like Hindustan Petroleum and Bharat Petroleum, the two other government-owned oil marketers, sells diesel, kerosene and LPG at government regulated prices.
Net profit in the January-March quarter stood at Rs 3,905.16 crore (Rs 39.05 billion) from Rs 5,556.77 crore (Rs 55.56 billion) a year ago, IOC chairman R S Butola told reporters in New Delhi.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
For the first time in more than a decade, diesel demand has declined this fiscal as monthly price hikes and increased power generation clipped consumption, Indian Oil Corporation (IOC) Chairman R S Butola said.
ONGC Videsh, the foreign arm of Oil and Natural Gas Corporation, is in talks with Venezuelan state oil company Petroleos de Venezuela S.A for a stake in the Tomoporo oilfield containing about one billion barrels of recoverable light crude reserves.
Public sector behemoth Oil and Natural Gas Corporation Ltd on Monday said it has acquired an offshore oil field in Western Australia.
Modi is believed to have signed on Ashok's appointment file before he left for Brazil to attend BRICS Summit, an oil ministry official said in New Delhi.
Indian oil and gas exploration companies work in silos.
The run-up to next year's general elections might see some of the top executives of government-run companies getting unlucky. And, the period could become the best in the lives of those waiting in the wings.
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