OIL AND NATURAL GAS CORPORATION LTD
Article Abstract:
Oil and Natural Gas Corporation Ltd (ONGCL) produced 28.251 million tonnes of crude oil against targeted 27.733 million tonnes(MTs) in 1997-98. It produced another 2.429 MTs through joint ventures. The sales crossed Rs15,000 crore during the same year. It achieved a sales growth of 15 percent, Rs2,000 crore higher than in 1996-97. Its profit increased by 31 percent to Rs2,678 crore. ONGCL has cut down its debt equity ratio from 0.5:1 to 0.42:1. Its Hazira Kerosene Recovery Plant went into production in March 1998. It has completed South Bassein-Hazira trunkline and Hazira terminal expansion project. The capacity of Hazira terminal has been increased to 41 MMSCMD from 20 MMSCMD. It has signed a memorandum of understanding with National Thermal Power Corporation and Indian Oil Corporation to set up power plants at Hazira and Panipat. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BY 2000, INDIA MAY EXPORT OIL
Article Abstract:
After years of huge petroleum imports, India will soon turn into a petroleum exporter. This is due to the big expansion drive in refining capacity now on. The addition of new refineries and expansion of the existing projects, expected to be commissioned by the end of 1999-2000, will add a capacity of 40 million tonnes to the existing capacity. This will also result in fall in petro- products imports. However, kerosene and LPG imports may continue, but in reduced quantities. This shift may affect refineries of Kuwait Petroleum Corporation, Bahrain and Abu Dhabi National Oil Companies and a few companies in Singapore. It will also affect oil traders like Shell and Glencore. (um)(psr)
Comment:
After years of huge petroleum imports, India will soon turn into a petroleum exporter.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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