The Hindu Business Line : ONGC, IOC appoint interim heads

Subsequent to the retirement of the Chiefs of the country's two mammoth public sector oil companies, ONGC and Indian Oil Corporation (IOC), Mr A.K. Hazarika, and Mr S.V. Narasimhan, have been respectively appointed for an interim period.

According to a Petroleum Ministry statement, the competent authority has approved the proposals for entrusting additional charge of the post of Chairman, IOC, to Mr Narasimhan, and Mr Hazarika as Chairman and Managing Director, ONGC, on ad hoc basis, for a period of three months, with effect from February 1 or till a regular incumbent is appointed, or until further orders, whichever event occurs at the earliest.

Mr Hazarika, who is currently Director (Onshore) at ONGC, will succeed, Mr R.S. Sharma who attained superannuation on Monday. Mr Narasimhan, Director (Finance) at IOC, will succeed Mr B.M. Bansal, who also demitted office on Monday.

In case of ONGC, Public Enterprises Selection Board (PESB) had in October last year short-listed two names for the post of Chairman and Managing Director. Mr Sudhir Vasudeva, Director (Offshore) of ONGC, emerged as the front runner. However, his name is awaiting formal approval.

Mr Hazarika will also hold additional charge as Director (Exploration) of ONGC, as the present Director (Exploration), Mr D.K. Pande, too retired on Monday.

The search for IOC Chairman resulted in ONGC Videsh Ltd (OVL), Managing Director, Mr R.S. Butola, emerging as a front runner for the post. Last September, the PESB interviewed candidates and short-listed two names. Its recommendations then went to the nodal Ministry, in this case the Ministry for Petroleum and Natural Gas. After processing the names the Ministry forward it to the Appointments Committee of the Cabinet (ACC) for formal approval.

However, before the final stamp of approval was given, there was a change of guard in the Petroleum Ministry itself, with Mr S. Jaipal Reddy taking over as the Minister from Mr Murli Deora. The appointment now requires concurrence of the new Minister.

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