Restructure oil PSUs, says PM

New Delhi: Prime minister, Manmohan Singh, on Sunday said the government was looking at the possibility of restructuring of the oil PSUs on a priority basis, with a view to making them globally competitive.

"We can no longer be complacent and must learn to think strategically, to think ahead and to act swiftly and decisively," Singh said inaugurating the Petrotech Conference-2005 in the capital.

Singh said the move required a greater degree of professionalism in the management of the country''s oil and gas PSUs and in formulation of energy security strategy, he said.

The prime minister said that for meeting the burgeoning demand for petroleum and gas, the government had completely opened the exploration and production sector for private participation. He said the fifth round of bidding was launched on January 4 offering 20 blocks for exploration of oil and natural gas.

Singh said that the rational pricing of energy was a critical aspect of the energy policy and a vital element of energy security for the country.

"The introduction of pricing in the demand model is important as it is the critical factor that will help in not only ascertaining the correct pattern of the energy mix but also enabling a better demand forecast for each energy type," he said.