March 2017 Current Affairs
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January 2017 Current Affairs
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Cabinet allowed Oil PSUs to have independent crude import policy

Cabinet allowed Oil PSUs to have independent crude import policy
07 April 2016 Current Affairs: In a bid to improve operational efficiency, Union Cabinet on 6 April 2016 allowed public sector oil companies to have their own independent crude import policy based on their commercial requirements.The approval was given during a cabinet meet chaired by Prime Minister Narendra Modi.The decision will replace the existing policy on crude oil import by Oil PSUs and vest the oil PSUs with the power to evolve their own policies. This will lead to a more efficient, flexible and dynamic policy for crude procurement, eventually benefiting consumers.State-owned firms like Indian Oil Corporation (IOC) have traditionally been allowed to source crude only from national companies of oil producing countries. The existing policy was approved by the Cabinet in the year 1979.However, it was long felt that the list of companies from where the PSUs can buy crude oil on term contracts needs to be expanded to include global oil giants.With this in view, in 2001, the Union Cabinet delegated substantial powers to Navaratna and Maharatna companies among PSUs. Such companies are given high degree of autonomy in various operational, financial and investment matters.


March 2017 Current affairs
28 MAR
NEWS
27 MAR
NEWS
25 MAR
NEWS
24 MAR
NEWS
23 MAR
NEWS
22 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
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22 FEB
NEWS




January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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