Seeking to make the procurement of PSUs transparent, the Ministry of Petroleum and Natural Gas has made it compulsory for companies under its scope to opt for e-tendering for orders above specified thresholds, in order to stop anomalies from taking place while offering contracts.
In the past, several projects of oil firms faced inordinate delays due to conflicts claims and counter claims by contractors, delayed material supply and extra cost claims by contractors.
E-tendering would be compulsory for purchases valued at Rs. 5 lakh and above, for the oil marketing companies (OMCs) like IOC, BPCL and HPCL.
The limit would be reduced to Rs.2 lakhs and above from 1st April, 2016. Simultaneously, the limit would be Rs.10 lakh and above for ONGC and Oil India, which would be reduced to Rs.5 lakh and above from 1st April, 2016.
The expenditure department has already fixed a limit of Rs.10 lakh and above for e-procurement for all ministries and state departments. This limit would be reduced to Rs.5 lakh and above from 1st April, 2016.
In the past, several projects of oil firms faced inordinate delays due to conflicts claims and counter claims by contractors, delayed material supply and extra cost claims by contractors.
E-tendering would be compulsory for purchases valued at Rs. 5 lakh and above, for the oil marketing companies (OMCs) like IOC, BPCL and HPCL.
The limit would be reduced to Rs.2 lakhs and above from 1st April, 2016. Simultaneously, the limit would be Rs.10 lakh and above for ONGC and Oil India, which would be reduced to Rs.5 lakh and above from 1st April, 2016.
The expenditure department has already fixed a limit of Rs.10 lakh and above for e-procurement for all ministries and state departments. This limit would be reduced to Rs.5 lakh and above from 1st April, 2016.