Planning Commission Deputy Chairman K C Pant on Thursday prescribed restructuring and divestment of oil PSUs on a "selective basis" to achieve the 8 per cent economic growth target set for the 10th Five Year Plan period.

Addressing the theme session of the Petrotech 2003 conference in New Delhi, Pant said, "The Tenth Five Year Plan lays down the priorities for the oil and gas sector to further the development and consolidation of the oil and gas industry. Some of the import measures in this regard include restructuring and divestment of PSUs on a selective basis".

Pant's comments assume importance in the wake of the ongoing debate on divestment of oil PSUs which has seen intense bickering over the mode and quantum of government stake sale.

While it has been decided to sell government shareholding in Hindustan Petroleum Corp Ltd to a strategic partner, a public offering of equity shares would be made in case of Bharat Petroleum Corp Ltd.

Besides, the government had earlier decided to retain majority ownership in all times to come in the three flagship companies, Indian Oil Corp, Oil and Natural Gas Corp and GAIL.

Pant also called for creation of an apex committee on energy to manage the trade-offs between the divergent objective that could arise between the different sub-sectors.