CURRENT AFFAIRS

Detailed explanation-1: -Indian Oil Corp (IOC) director-pipelines Akshay Kumar Singh will be the new managing director and chief executive of the country’s biggest gas importer, Petronet LNG Ltd. He will replace Prabhat Singh who completed his 5-year term. Petronet is a joint venture of IOC, GAIL, Oil and Natural Gas Corp (ONGC) and BPCL.

Detailed explanation-2: -Shri Arun Kumar Singh He assumed the charge as the Chief of the Energy Maharatna on 7 December 2022. Earlier, he was the CMD of Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company.

Detailed explanation-3: -Petronet was formed in pursuance of the Cabinet decision in 1997 with state-owned GAIL, ONGC, BPCL and IOC holding 12.5 per cent stake each. No reservation in employment is provided in Petronet, India’s largest liquefied natural gas importer, as it is not a government company due to the structure of its shareholding.

Detailed explanation-4: -ashok balyan - MD & CEO - Petronet LNG Limited | LinkedIn.

Detailed explanation-5: -IGL and Petronet are not ‘public sector enterprises’ but are largely guided by the government. Petroleum secretary chairs the board of Petronet, which is India’s largest natural gas importer.