ONGC’s Sees High Profits

Oil and Natural Gas Corp. (ONGC), ONGC Videsh Ltd (OVL) and MRPL reported a 9-percent rise in profit for the year ended March 2006 despite slipping on crude oil production targets & price control with high global crude rates being a major stimuli in boosting the profits. A plan of investing in the refining business over the next 4-5 years was also announced by the ONGC group, which currently has a 13 million tonne per annum (mtpa) of refining capacity and plans to scale it up to 45.5 mtpa by 2009-10. ONGC’s foreign arm, OVL also posted a 22 per cent increase in its net profit. With 10 acquisitions, OVL currently has 21 properties in 12 countries and has become India’s biggest transnational company. (Source: Live Punjab)