Mumbai, July 9 :    Mumbai, July 9:  The government is planning a blanket clearance for initial public offerings (IPOs) of IOC, BPCL and HPCL to keep their disinvestment on course. 'My ministry has approved BPCL's Rs 1,000-crore IPO and is in the process of doing the same for IOC and HPCL. I will take all three proposals to the Cabinet,' Ram Naik, Union minister for petroleum and natural gas, said. The decision by state-owned oil companies to go public to raise funds for expansion had generated considerable concern among market watchers, particularly in the case of BPCL and HPCL, the two slated to come up for divestment this year. Many fear that an IPO at this stage will hit the divestment schedule. HPCL is planning to come up with a Rs 1,000-crore IPO, while India Oil is looking at a Rs 1,600-crore floatation. Naik, who was in the city today to inaugurate Speed, BPCL's new-generation fuel, told reporters that the Tenth Five-Year Plan envisages additional capacity by setting up new refineries in the country. The three companies already have such projects in the pipeline. For instance, Indian Oil is thinking of setting up a none-million tonne million tonne refinery at Paradip in Orissa, though some reports suggest it has been put on hold. Bharat Petroleum has lined up a six-million tonne refinery at Bina in MP, while HPCL is weighing a plan to build a none-million tonne refinery in Bhatinda. 'All are long-term projects and need huge financing. The share market is the best medium to raise these funds,' the minister said. The maiden issues, Naik said, would not hamper disinvestment in BPCL and HPCL. Instead, a stronger capital base would help them fetch better valuations for their shares.