GUWAHATI, April 5— The Oil India Limited (OIL) is going ahead with its plan for business restructuring as part of its preparation to cope with the changed de-regulated environment in the country’s petroleum sector. Making a statement at a seminar organised at Guwahati Press Club here today on restructuring of the Oil India Limited, the premier oil companies Senior Adviser on Strategic and Corporate Planning, Nripen Bharali said any further delay in restructuring would seriously undermine the OIL’s business prospects and consequent growth opportunities in the future. This, he said, would affect not only the employees of the company but all the people who were indirectly dependent.
According to the senior OIL official, under the changed business environment the company’s success or otherwise is grossly influenced by market forces and a sharpor fall in crude oil prices governed by geo-political forces can immediately transform the company’s bottom line from green to red.
The only strategic option left for the company at this juncture is to restructure its business to facilitate additional revenue generation to offset ill effects of market fluctuation. The seminar which was organise under the aegis of Dibrugarh District Students Union, and Guwahati Press Club, was participated by representatives of various organisations including the AASU, Oil Workers Union, concerned members of the public. Noted economist Dr Jayanta Madhab also participated.
Most of the organisations opposed the bid to restructure OIL in the interest of about 85 per cent local employees serving it and in the greater interest of the State. However, Dr Madhab stated that in the present global market the local sentiments hardly have any relevance, as only those who are efficient in the changed business environment would survive.