MK Surana will be the new Chairman and Managing Director of Hindustan Petroleum Corp Ltd (HPCL), India’s third largest oil marketing company. Government headhunter Public Enterprise Selection Board (PESB) selected Surana for the top job at HPCL after interviewing a dozen candidates. Surana, 53, is currently the CEO of Prize Petroleum Co Ltd, the upstream oil exploration arm of HPCL. He will replace Nishi Vasudeva on her retirement at the end of March 2016.

Surana is Executive Director with HPCL since September 2012 who has been posted as Chief Executive Officer at Prize Petroleum. A Mechanical Engineer, he is a refineries man and had served as the General Manager of Projects for Vishaka Refinery of HPCL. Officials said his candidature will now be vetted by the Appointments Committee of the Cabinet headed by Prime Minister after getting anti-corruption watchdog CVC and CBI clearance. He will get a five year term which can be extended up to his retirement age of 60 years in April 2022.

Did You Know?

• Hindustan Petroleum Corporation Limited (HPCL) is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra and with Navratna status.
• HPCL has about 25% marketing share in India among PSUs and a strong marketing infrastructure.
• The Government of India owns 51.11% shares in HPCL and others are distributed amongst financial institutes, public and other investors.