New Delhi: Planning Commission Deputy Chairman K C Pant on January 9 prescribed restructuring and disinvestment of oil PSUs (Public Sector Undertakings) on a "selective basis" to achieve the 8 per cent economic growth target set for the 10th Five Year Plan period.

Addressing the theme session of the Petrotech 2003 conference in New Delhi, Pant said "The 10th Five Year Plan lays down the priorities for the oil and gas sector to further the development and consolidation of the oil and gas industry. Some of the import measures in this regard include restructuring and disinvestment of PSUs on a selective basis."

Pant's comments assume importance in the wake of the ongoing debate on disinvestment of oil PSUs, which has seen intense bickering over the mode and quantum of sale of government stake.

While it has been decided to sell government shareholding in Hindustan Petroleum Corporation Ltd (HPCL) to a strategic partner, a public offering of equity shares would be made in case of Bharat Petroleum Corporation Ltd (BPCL). Besides, the government had earlier decided to retain majority ownership in all times to come in the three flag ship companies, Indian Oil Corporation, Oil and Natural Gas Corporation and GAIL (Gas Authority of India Limited).

Pant also called for creation of an apex committee on energy to manage the trade-offs between the divergent objective that could arise between the different sub-sectors.

PTI