ONGC

ongc:-o-p-singh-appointed-as-director,-t&fs

ONGC: O P Singh appointed as Director, T&FS

Om Prakash Singh (GGM, ONGC) has been appointed as Director (Technical and Field Services), Oil & Natural Gas Corporation Limited (ONGC).

17 Dec 2019
crack-within:-rss-affiliate-sjp-opposes-sale-of-pses

Crack within: RSS-affiliate SJP opposes sale of PSEs

On one hand the Modi government is trying to infuse more liquidity into the market by trying to disinvest some of the PSUs on the other one of the affiliate organizations of the Rashtriya Swayamsevak Sangh – Swadeshi Jagran Manch -- is opposed to sale of PSEs including of the BPCL.

This is to recall that the Modi government had to surrender its reforms agenda particularly Land Acquisition bill, in the face of opposition from within the Sangh Parivar five year ago. The government is facing renewed resistance from SJM on privatising PSEs.

The government has proposed strategic sale in PSEs including in profit-making BPCL, to meet its disinvestment target, which would help shore up GST shortfalls and manage the mounting fiscal deficit. The SJM is of the view that the Modi government’s proposed strategic disinvestment of PSEs was an “imprudent business decision” and “against national interest”.

The SJM demanded a white paper on the previous disinvestment of HPCL, where ONGC acquired the equity. How has this benefited the operations of HPCL. Not just SJM, but the Congress, TMC and Left parties opposed privatisation and disinvestment of 28 PSEs.

On the strategic sale in BPCL, it said rumours are doing rounds that the Saudi Aramco is eyeing these assets. “This is not only unacceptable but also dangerous. The asset created with the national sentiments and hard work shouldn’t land up in the lap of the foreign oil companies — who see these assets only as a statistic to swell their valuation,” the SJM said.

02 Dec 2019
ongc:-o-p-singh-appointed-as-director,-t&fs

ONGC: O P Singh appointed as Director, T&FS

By IndianMandarins 17 Dec 2019

Om Prakash Singh (GGM, ONGC) has been appointed as Director (Technical and Field Services), Oil & Natural Gas Corporation Limited (ONGC).

crack-within:-rss-affiliate-sjp-opposes-sale-of-pses

Crack within: RSS-affiliate SJP opposes sale of PSEs

By IndianMandarins 02 Dec 2019

On one hand the Modi government is trying to infuse more liquidity into the market by trying to disinvest some of the PSUs on the other one of the affiliate organizations of the Rashtriya Swayamsevak Sangh – Swadeshi Jagran Manch -- is opposed to sale of PSEs including of the BPCL.

This is to recall that the Modi government had to surrender its reforms agenda particularly Land Acquisition bill, in the face of opposition from within the Sangh Parivar five year ago. The government is facing renewed resistance from SJM on privatising PSEs.

The government has proposed strategic sale in PSEs including in profit-making BPCL, to meet its disinvestment target, which would help shore up GST shortfalls and manage the mounting fiscal deficit. The SJM is of the view that the Modi government’s proposed strategic disinvestment of PSEs was an “imprudent business decision” and “against national interest”.

The SJM demanded a white paper on the previous disinvestment of HPCL, where ONGC acquired the equity. How has this benefited the operations of HPCL. Not just SJM, but the Congress, TMC and Left parties opposed privatisation and disinvestment of 28 PSEs.

On the strategic sale in BPCL, it said rumours are doing rounds that the Saudi Aramco is eyeing these assets. “This is not only unacceptable but also dangerous. The asset created with the national sentiments and hard work shouldn’t land up in the lap of the foreign oil companies — who see these assets only as a statistic to swell their valuation,” the SJM said.

oil-psus:-centre-plans-cutting-stake-in-ioc-to-below-51%

Oil PSUs: Centre plans cutting stake in IOC to below 51%

By IndianMandarins 15 Nov 2019

The Centre is planning to cut its stake in the IOC below 51% to become a minority shareholder which currently holds 51.5 per cent in the oil major. To boost economic growth, the Central government has been on a divestment spree and has been considering cutting stake in several companies. IOC is the third oil company in which the government plans to cut it stakes.

Besides IOC, ONGC is looking to sell its stake in the recently-acquired refiner HPCL to a strategic investor, possibly an overseas oil company, to regain debt-free status of the company existing prior to the expensive buy.

The plan for HPCL follows the government's go ahead to invite a strategic investor for BPCL where the Centre owns 53 per cent stake. The divestment is important from the fiscal math perspective.

India's fiscal deficit at the halfway mark in 2019-20 stood at 92.6% of budgeted estimates, lower than 95.3% in April-September, 2018-19, helped by transfers from the RBI. With muted tax revenues, the government will have to undertake spending cuts and divest to achieve FY20 fiscal target of 3.3 per cent of GDP. 

ongc-q2-net-profit-drops-over-36-per-cent

ONGC Q2 net profit drops over 36 per cent

By IndianMandarins 15 Nov 2019

Public Sector oil company ONGC reported a 36.2% drop in second quarter net profit as it faced double whammy of fall in oil production and drop in prices. Net profit in July-September quarter reported at Rs 5,276 crore that was 36.2 per cent lower than Rs 8,271 crore profit after tax in the corresponding period last year.

Revenue fell to 10.5 per cent to Rs 1.01 lakh crore. Oil production fell 3.9 per cent to 5.8 million tonnes while gas output fell 1.6 per cent to 6.2 billion cubic metres. The company got $60.33 for every barrel of crude oil it produced and sold, down from $73.07 realisation a year back. Gas price realisation, however, was up 20 per cent at $3.69 per million British thermal unit.

ongc:-anurag-sharma-selected-for-director-post

ONGC: Anurag Sharma selected for Director post

By IndianMandarins 31 Oct 2019

The public-sector headhunter (PESB) on Thursday selected Anurag Sharma for the post of Director (Onshore), Oil & Natural Gas Corporation Limited. Presently he is Executive Director, ONGC. Altogether Eight candidates had appeared before selection board for interview.


Subject to requisite clearances and ACC approval Anurag Sharma will replace Sanjay Kumar Moitra; the outgoing Director (Onshore) retiring on May 31, 2020.

ongc:-o-p-singh-selected-for-director-post

ONGC: O P Singh selected for Director Post

By IndianMandarins 16 Sep 2019

The public-sector headhunter (PESB), on Monday, selected Om Prakash Singh for the post of Director (Technology & F.S.), Oil & Natural Gas Corporation. Presently he is Group General Manager, Oil & Natural Gas Corporation Limited

Altogether Six candidates appeared before the selection board for interview held at PESB today.

 

hpcl's-omission-of-ongc-as-promoter-baffles-observers

HPCL's omission of ONGC as promoter baffles observers

By IndianMandarins 23 Jul 2019

For the latest quarter ended June, HPCL has listed ONGC merely as a public shareholder and not a promoter. Under the promoter/promoter group category, the company has dropped the name of even the President of India who is not shown as holding any shares in HPCL now. Ever since the company's merger with ONGC in January 2018, except the latest June quarter, HPCL has been showing in the regulatory filings the President of India as the promoter.

 

HPCL's omission of ONGC as the company's promoter in the June regulatory filings has baffled PSU observers. No one has a clue how the government wishes to sort out the problem.

 

Further, MK Surana continues to hold the title of Chairman and Managing Director, although PSU corporate governance structure provides a group with just one chairman. Besides, subsidiaries of a group are provided to be run by managing directors and CEOs.

For instance, ONGC's overseas subsidiary, ONGC Videsh, is led by a MD and CEO. Even its listed refinery subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), no different from HPCL, is also headed by a MD and CEO. ONGC Chairman is the Chairman of the board of both the companies.

hpcl-snubbed-on-refusing-to-accept-ongc-as-promoter

HPCL snubbed on refusing to accept ONGC as promoter

By IndianMandarins 25 Jun 2019

Hindustan Petroleum Corp Ltd (HPCL), which has for the last 15 months refused to recognize its majority shareholder ONGC as its promoter, stands snubbed for not having accepted ONGC as its promoter even 15 months after the latter acquired the controlling stake in the former.

 

On June 17, the Public Enterprises Selection Board (PESB) called ONGC Chairman and Managing Director Shashi Shanker to assist in selecting the new Director (Finance) of HPCL. The participation of the ONGC CMD, instead of HPCL CMD, in the selection of the director finance, could in a way end all the wrangling over the promoter issue.

 

May it be noted that in regulatory filings for five consecutive quarters, HPCL listed "President of India" as its promoter with "zero" percent shareholding. ONGC was listed as "public shareholder", owning "77.88 crores" shares or "51.11 percent" shareholding of the company.

 

HPCL Director (Finance) J Ramaswamy retired on February 28 and interviews for the post held by PESB on June 17 selected R Kesavan, who currently is an executive director in HPCL.

 

It is pointed out that Coal India Ltd's governance structure, which the HPCL management has so often cited, clearly provides for the holding company chairman to sit on the panel for selecting directors of subsidiary companies.

 

Coal India Ltd is a holding company and has seven subsidiaries. The board of each of the subsidiaries is headed by a chairman and Coal India too has a chairman and managing director to head the board. But on PESB interview panels to select a director or chairman of subsidiary companies, Coal India CMD is invited.

 

It is said even though the government had earlier this year asked HPCL to add ONGC as its co-promoter, the oil refining company sought to delay it by seeking further clarifications.

 

While the promoter tag does not bring any specific privileges to ONGC, a lack of it keeps it out of insider trading regulations as it gets full agenda of every board meeting of HPCL and can be aware of price sensitive information.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.