The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil companies BPCL and HPCL, Divestment Minister Arun Shourie told the Rajya Sabha.

Assuring that about 80 per cent of retail trade of oil will remain with the government even after privatisation of Hindustan Petroleum Corporation and Bharat Petroleum Corporation, Shourie said all necessary provisions were being incorporated in the shareholders agreement of the two oil PSUs to ensure that national security concerns were fully addressed.