India ONGC's Overseas Arm Should Not Be Merged With Parent

India ONGC's Overseas Arm Should Not Be Merged With Parent
The overseas arm of India's ONGC should not be merged with its parent company, ONGC's chairman says.

Reuters

Feb 9 (Reuters) - The overseas arm of India's Oil and Natural Gas Corp Ltd (ONGC) should not be merged with its parent company, ONGC's chairman said on Thursday, a week after the government proposed setting up an integrated oil company to better compete with global majors.

ONGC Videsh should be given more autonomy and merging companies horizontally will create a monopoly, ONGC Chairman Dinesh Sarraf said.

India's finance minister proposed setting up an integrated oil company in his budget speech last week, and said combining existing oil companies will give them capacity to bear higher risks and avail economies of scale.

New Delhi is struggling to raise local oil production and imports about 80 percent of its oil. Prime Minister Narendra Modi in 2015 set a goal of cutting that to 67 percent by 2020.

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Mahendra Parmar | Feb. 9, 2017
We people in India, should restrict car use and implement more T2, T3 or even T4 lanes or at least restricting car users to have minimum 3-4 passengers in the car. My recent experience in India was very bad, people have purchased all the big brand cars like Audis and BMWs but have no traffic sense, they think theyve got the flash cars so they can break the rules and rev. behind the wheels at a great speed without thinking of the consequences. We are literally sitting on an environmental time bomb, one can hardly see the blue skies or stars in the night time. Is this what we call development or progress. We should start rationing the petrol instead of using it, the western world is going on more green energy and we are going backwards. Hope! Modiji does something to get out of this situation.


Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Paralegal - Legal Administrative Assistant
Expertise: Legal|Secretarial or Administrative
Location: Dallas, TX
 
Network Engineer II
Expertise: Engineering Manager|IT - Networking & Telecom
Location: Houston, TX
 
Director-Renewable Energy
Expertise: Engineering Manager
Location: San Francisco, CA
 
search for more jobs

Brent Crude Oil : $56.58/BBL 1.32%
Light Crude Oil : $54.45/BBL 1.60%
Natural Gas : $2.62/MMBtu 1.15%
Updated in last 24 hours