Called Off

Ceypetco unions said Wednesday that they would not disrupt fuel supplies on the assurance that any decision on a third petroleum player would be fully discussed. Ceypetco unions said Wednesday that they would not disrupt fuel supplies on the assurance that any decision on a third petroleum player would be fully discussed.

At talks on Wednesday, the President told unions that talks were still on with three short listed parties, including Indian Hindustan and Bharat Petroleum and there would be no privatization of assets.

Over 5000 employees at the state giant struck work last Friday, on fears of an imminent deal with Bharat Petroleum to sell off one third of Ceypetco’s assets.

Under proposed plans, the state hopes to sell a one third stake in key petroleum storage and distribution infrastructure with 49 percent management control.

“This will be done on the basis of a joint venture with the CPC, in which the CPC and the Government will hold 51% majority shares,” a statement from the President’s office said on Wednesday.

The one-third stake is in a common user facility that houses petroleum refineries and storage depots as well as 107 more