Oil bonds soon, subsidy to be cut, funds reinvested: FM

New Delhi, Oct 4 (UNI) The government will reduce the subsidy burden for oil companies following a fall in crude prices in the international market, and use the funds for reinvestment, Finance Minister P Chidambaram said today.

''The government will also issue oil bonds soon,'' Mr Chidambaram told reporters after inaugurating the four-day National Expo of Small, Khadi and Coir Industries here.

He said the subsidy burden would lessen for oil companies so that the subsidy paid by the government and oil firms such as the Oil and Natural Gas Corporation would be less.

''To that extent the funds will be used for reinvestment,'' he added.

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