TAKE-OVER OF OIL
India views implications (N.Z. Press Assn—Copyright) NEW DELHI, June 14. The Indian Government is "seriously” examining the implications of nationalising foreign oil companies in India, the Minister of Petroleum ahd Chemicals (Mr P. Chandra Sethi) told Parliament. Replying to demands in the Council of States for the takeover of the companies, he said that the main question to be considered was whether nationalisation would be legal, since the refinery agreements between the companies and the Government signed in the early 1950 s were valid for 25 years. Other aspects to be considered were whether a takeover would entail large for eign exchange payments and whether crude oil prices would remain competitive in the world market. There are three foreign oil companies with refineries in India Burmah Shell, Esso and Caltex.
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Press, Volume CXI, Issue 32633, 15 June 1971, Page 18
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133TAKE-OVER OF OIL Press, Volume CXI, Issue 32633, 15 June 1971, Page 18
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