Mon, Mar 2, 2015
A A A
Welcome preal121
RSS

Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market

OIDB could be turned into financial institution

Posted on 12 March 2014

With no strategic pool of funds available for the oil sector, the Ministry of Petroleum and Natural Gas has proposed turning the Oil Industry Development Board (OIDB) into a financial institution for the petroleum sector similar to Power Finance Corporation for power sector. To provide funds for OIDB, it has also asked for a share in the oil cess.
The proposed sovereign fund is meant to provide insurance cover to Indian refineries using Iranian crude oil. OIDB is set to contribute around Rs 1,000 crore of this insurance pool, while the remaining amount would be contributed by public sector insurers. “For the insurance pool, we have already circulated a Cabinet note though a decision would only be taken after the new government comes to power,” said the official………………………………………..Full Article: Source


 Article link

This post was written by:

VRS - who has written 15819 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Comments are closed.

banner
banner
March 2015
M T W T F S S
« Feb    
 1
2345678
9101112131415
16171819202122
23242526272829
3031