New Delhi: Indian Oil Corp. (IOC) chairman S. Behuria is unlikely to get an extension of service when his five-year term comes to an end this month and he is being offered a position at a joint venture firm of oil PSUs.
IOC director (business development) B.M. Bansal, whose term like Behuria is coming to an end this month, has, however, earned an extension of service till he retires next year and is likely to be appointed acting chairman.
Behuria’s five-year term as head of the nation’s largest oil firm ends on 28 February 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 when Petronet LNG Ltd (PLL), a joint venture firm of state owned oil firm, created a new post for him.
The board of PLL, whose chairman is petroleum secretary S. Sundareshan, offered Behuria the job of advisor in the rank and the pay of managing director.
Behuria may eventually suceed P. Dasgupta who is rumoured to be putting in his papers on health grounds before his term comes to an end in August.
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, sources said adding it was not clear why he was being denied an extension.
During his term, IOC saw revenues rise over 89% to Rs285,337 crore from Rs150,729 crore.