Ranjit Rath May Become The Next Head Of Oil India

Ranjit Rath may become the next head of Oil India, PESB selected.

The Public Enterprises Selection Board (PESB) has selected non-upstream executive Ranjit Rath to head Oil India Limited, India’s second-largest state-owned oil and gas producer.

A PESB notification said 50-year-old Ranjit Rath, who is currently the chairman and managing director of Mineral Exploration Corporation Limited (MECL), was selected on March 9 after interviewing five applicants.

He was elected to the position of Chairman and Managing Director before two directors on the Board of Oil India and another Executive Director of the company.

Sushil Chandra Mishra, the current chairman and managing director of Oil India, will retire on June 30 this year.

Ranjeet Rath is heading MECL, a Mini Ratna Central Public Sector Enterprise under the Ministry of Mines since November 2018.

After getting approval from anti-corruption bodies like CVC and CBI, his name will be sent to the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi for review.

According to a separate notification from the government employer, PESB had selected Rath for the post of Chairman and Managing Director of Bharat Coking Coal Limited (BCCL) on June 28, 2021.

However, it is not clear why he was not appointed to that post. In December 2021, BCCL’s Sameeran Dutta (Director Finance) was appointed as the new Chairman and Managing Director of BCCL.

Ranjit Rath is a recipient of the prestigious National Geology Award 2016 from the President of India.

Ranjit Rath is a geologist, he is an alumnus of IIT Bombay, IIT Kharagpur, and Utkal University.

Prior to his appointment in MECL, he was General Manager in Engineers India Limited, New Delhi, and posted in Indian Strategic Petroleum Reserves Limited.

Oil Price: Big news about oil prices.

The rise in oil prices due to the Russia-Ukraine conflict eased slightly last week and now fell further in early trading on Monday. Oil prices fell to around $4 a barrel.

Brent crude futures were down $4.12 or 3.6% on Monday at $108.55 a barrel (0115 GMT). At the same time, US West Texas Intermediate (WTI) crude futures fell by $3.93, or 3.7%, to $105.40 a barrel.

Both contracts had increased since Russia’s invasion of Ukraine on 24 February, after which they are up nearly 40% for the year.