The Petroleum and Natural Gas Ministry is likely to take a final call next week on the issue of offloading shares of Indian Oil Corporation (IOC). Oil and Natural Gas Corporation (ONGC) and Oil India Ltd. (OIL) can possibly pick up 10 per cent stake in IOC.

An Empowered Group Of Ministers (EGoM), headed by Finance Minister P. Chidambaram, will meet next week to take a final call on the issue.

The EGoM, on January 9, had deferred its decision on the 10 per cent stake sale of IOC in the face of staunch opposition from the Petroleum Ministry over pricing of the 19.16 crore shares. This is less than the investment that IOC is putting in setting up a 15-million tonne refinery in Odisha, according to the Petroleum Ministry.

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