Report of the high powered committee on financial position of oil companies

The Prime Minister has constituted a high powered committee under the chairmanship of Shri B K Chaturvedi, Member, Planning Commission, to examine the financial position of oil companies. The terms of reference of the committee will be: to examine the impact of the increase in oil prices between 2004-05 and 2008 on the financial position of oil companies, including upstream exploration companies, refiners and downstream Oil Marketing Companies (OMCs); to analyze the cash flows and the profitability of all three groups of companies so as to get a clear picture of the changes taking place in their operating positions, particularly the impact on access to credit and cash availability for their operations; and to examine the available options for burden sharing by all stakeholders, including upstream exploration companies, refiners, downstream OMCs and stand alone refiners.

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