New Delhi, Oct. 17: The oil industry has joined hands to form a Petroleum Federation—PetroFed—that will act as a lobby for the sector and be an interface between the government, regulatory authorities and industry bodies of traders.
PetroFed will be headed by former Indian Oil chairman M. A. Pathan, while Reliance Industries president P. Raghavendran will be vice-chairman.
“As a first step, we propose to develop PetroFed as a brand and create connectivity with the hydrocarbon industry. In the APM era, most business activities relating to the Indian oil industry were confined to government companies with the erstwhile Oil Co-ordination Committee as the nodal body responsible for subsidy administration, development, planning, co-ordination and data maintenance,” he said.
“Now there is need for a body that can act as a facilitator between the government and private sector. PetroFed will function to promote the interests of the petroleum industry in line with public national policy through a self-regulatory environment,” he added.
The organisation also plans to expand its activities world-wide and has developed a marketing strategy to enlarge its membership globally. “During my recent visits abroad, I have interacted with Aramco (Saudi Arabia), KPC (Kuwait), ADNOC (UAE), Petronas (Malaysia), National Iranian Oil Company (NIOC) and World LPG Association and all of them have shown keen interest in joining PetroFed,” Pathan said.
The organisation is already deliberating on the Petroleum Regulatory Bill 2002 and on creation of a mechanism for storing petroleum products during disruption of supplies due to natural internal or external reasons.