Vol 3, PW 15 (18 Aug 99) News in Brief

Oil minister Ramamurthy has made his strongest public attack against foreign companies wishing to sell their oil products in India.

"I feel it is our duty to safeguard the PSUs (state owned oil companies) against multinationals which are keen on coming to our country", he told Business Line newspaper on Wednesday (4th August), "We would certainly not allow foreign companies to come in and set up shop and start marketing their products here. Investment inflow into the country is a must.

After all, our companies have pumped in huge investments in building the infrastructure and other related facilities". Ramamurthy adds: "Foreign companies that have evinced interest in the downstream sector are talking more than actually coming forward".

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