LK Gupta, MD & CEO, Essar Oil, which is both integrating and diversifying
Hindsight: This was a reasonably good year for O and G in general, in particular for India. The government has performed very well. For the first time, it took some concrete and bold steps, and ensured deregulation of transportation and petrol, distinguished bulk from retail transport. There is some disparity there, needing some practical solutions.
Forward look: The industry is upbeat about these government initiatives. Essar Oil has its retail presence in a large way across India. We have already started taking action in marketing as well-because while we are already present in the refinery market, we would like to expand to the retail market as well. This is where the government´s 50 p hike a month is pragmatic, practical and heartening. In gas also, the government has unleashed some bold steps by augmenting gas production in the country in a large way. We import at $16-18, and we consume 1 million cu m per day. Without domestic production, volumes will not increase. With corrected gas prices, players will be enthused to produce more.
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