India will create national oil giant

The small scale of Indian oil companies has left them vulnerable to global competitors. The sale of a state-owned oil company will now change the picture.

Photo: Gazprom

While Denmark's Dong Energy has divested of its oil division to a British-Swiss firm, things are going in a different direction in India. The country hopes to strengthen the national oil sector, and the government is therefore selling the state oil company Hindustan Petroleum Corporation to an even larger, state-owned oil company, reports Financial Times.

The state-owned Oil and Natural Gas Corporation, ONGC, will buy the Indian government's 51 percent stake in Hindustan Petroleum for USD 4.6 billion.

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