Starting October 1: Nod for crude sale by domestic producers to any Indian refinery
Deregulating one of the last few avenues that were still under the government control, the Union Cabinet on Wednesday allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel.
While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta.
Briefing reporters after the Cabinet meet, Information and Broadcasting Minister Anurag Thakur said from October 1, companies will have freedom to sell crude in domestic market.
