New Delhi, Oct 16 (IANS): M.K.Surana will be the new chairman and managing director of state-run oil marketer Hindustan Petroleum Corp Ltd (HPCL) from April 2016 on retirement of the current incumbent Nishi Vasudeva, it was announced on Friday.

The Public Enterprise Selection Board (PESB) announced the selection of Surana, currently the chief executive of Prize Petroleum Co, the oil exploration arm of HPCL.

He will succeed Vasudeva on her retirement at the end of March 2016.

The PESB, in a notification, said it interviewed 12 candidates including HPCL director P.K.Joshi and STC chairman Khaleel Rahim, as well as four HPCL executive directors - S.P.Gupta, G.S.Ganesh, S.Jeyakrishnan and Ajit Singh for the post.

Surana, 53, has been executive director with HPCL since September 2012 and will get a five year term that can be extended up to his retirement age of 60 years in April 2022.

His appointment is required to be confirmed by the Appointments Committee of the Cabinet after obtaining clearances from both the Central Vigilance Commision and the Central Bureau of Investigation.