Cairn has right to set up petrol pumps if it wants

Vol 6, PW 1 (13 Mar 02) News in Brief
     

Cairn Energy might have little or no intention of entering the downstream retail sector but according to oil minister Ram Naik it is one of eight companies that has the right to do so.

On 8th March Naik told parliament of government guidelines approved on 27th February that would allow companies to set up a retail network to sell downstream products like petrol, diesel and jet fuel if they commit "to invest Rs2, 000cr ($416m) in exploration and production, refining, pipelines or terminals." Naik said the following eight companies qualify: Cairn Energy, Reliance Industries, Essar Group, ONGC, Oil India, GAIL, Mangalore Refineries and Nagarjuna Group.