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The Union Cabinet today gave its approval for allowing Indian Oil Corporation (IOC) to charter ships for oil imports directly instead of going through Transchart, an agency under M/o Shipping, as recommended by the Committee of Secretaries by amending the existing policy on chartering of ships for imports by PSUs.
HPCL, BPCL and MRPL would continue to depend upon Transchart/ SCI for meeting their chartering requirements for the time being. Their case, for hiring charter ships, would be reviewed after one year based on the experience of IOC.
The proposed amendment of the existing policy is in line with the deregulation of the petroleum sector and would enable level playing field for private and public sector oil companies.
RK/DS/LV
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