IOC's Behuria unlikely to get extension

The government is unlikely to give extension of service to Indian Oil Corp (IOC) Chairman Sarthak Behuria when his five-year term ends this month, although a colleague of his on the PSU's Board has been granted the benefit.

Behuria's five-year term as head of the nation's largest oil firm comes to an end this month and is eligible for extension of service till he reaches the age of superannuation - 60 years - in March 2012.

Sources in the know said the Oil Ministry was not inclined to give Behuria an extension and a clear indication of this emerged today when Petronet LNG Ltd (PLL), a joint venture firm of state owned oil firm, decided to employ him.

The board of PLL, whose Chairman is Petroleum Secretary S Sundareshan, decided to offer Behuria the job of Advisor in the rank and the pay of Managing Director and CEO, they said.

The ministry had in 2006 declined Raha an extension as the Chairman and Managing Director of Oil and Natural Gas Corp and a year later GAIL's Prashanto Banerjee went the same way.

Sources said Behuria's performance as Chairman of IOC had been rated as "outstanding" by outgoing Oil Secretary R S Pandey and there were no known corruption charges against him.

An offer letter was sent to Behuria, who may eventually take over as MD and CEO of PLL when current incumbent Prosad Dasgupta leaves office in August.

B M Bansal, whose five-year term as Director (Business Development) is also expiring this month, has been granted extension till his retirement next year.

Behuria's acute business acumen may help steer Petronet which is building a new liquefied natural gas import terminal at Kochi in Kerala, to new heights.

After Behuria, B M Bansal may be made the acting chairman till a full-time head is appointed.

It wasn't clear why Behuria was being denied an extension and if he was not found fit to continue as head of IOC why was he being offered a job at PLL.

Sources said that at the PLL board meeting it was mentioned that a "suggestion" was made to the company to make an offer of employment to Behuria.

The company management moved a special resolution which was not part of agenda for the meeting circulated earlier. It was backed by representatives of ONGC, IOC, GAIL and BPCL, who hold equity stake in PLL.