ONGC

cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

27 Sep 2020
ntpc-ongc-sign-mou-to-start-a-joint-venture-for-renewable-energy-business

NTPC-ONGC sign MoU to start a Joint Venture for Renewable Energy business

NTPC and ONGC have signed an MoU to set up a Joint Venture Company for the Renewable Energy business. This will enable both the companies to accelerate their mark in the field of Renewable Energy. The ONGC has an ambition of adding 10 GW of renewable power to its portfolio by 2040.

The two companies will explore the setting up of offshore wind and other Renewable Energy Projects in India as well as overseas with this tie-up. Both the companies will seek opportunities in the area of sustainability, storage, E-mobility, Environmental, Social and Governance (ESG) compliant projects.

The tie-up will enhance NTPC’s Renewable Energy capacity addition program and also the presence of ONGC in the Renewable Power business. 

23 May 2020
cag-questions-the-strategic-sale-of-one-psu-to-another

CAG questions the strategic sale of one PSU to another

By IndianMandarins 27 Sep 2020

The Comptroller and Auditor General (CAG) has questioned the rationality of the “strategic sale” of one state-owned PSU to another state-owned entity.

During FY 2018-2019, there were four transactions involving the sale of National Projects Construction Company (NPCC) to WAPCOS Corporation, Rural Electrification Corporation (REC) to Power Finance Corporation (PFC), Dredging Corporation (DCIL) to port trusts, and HSCC (India) to NBCC. Similarly, CAG red-flagged the sale of shares held by SUUTI that was treated as disinvestment receipts. SUUTI was carved out to take over shares held by the erstwhile UTI.

Union Cabinet’s objective of ‘strategic sale’ was to minimize the burden of the bulk of ailing companies. Instead of disposing off such burdens, DIPAM resorted to selling one PSU to another. For example, the government had sold HPCL to ONGC.

The auditor in its report, tabled in Parliament, categorically underlined that  “such disinvestments only resulted in the transfer of resources already with the public sector to the government and did not lead to any change in stake of the public sector/government in disinvested PSUs”.

ntpc-ongc-sign-mou-to-start-a-joint-venture-for-renewable-energy-business

NTPC-ONGC sign MoU to start a Joint Venture for Renewable Energy business

By IndianMandarins 23 May 2020

NTPC and ONGC have signed an MoU to set up a Joint Venture Company for the Renewable Energy business. This will enable both the companies to accelerate their mark in the field of Renewable Energy. The ONGC has an ambition of adding 10 GW of renewable power to its portfolio by 2040.

The two companies will explore the setting up of offshore wind and other Renewable Energy Projects in India as well as overseas with this tie-up. Both the companies will seek opportunities in the area of sustainability, storage, E-mobility, Environmental, Social and Governance (ESG) compliant projects.

The tie-up will enhance NTPC’s Renewable Energy capacity addition program and also the presence of ONGC in the Renewable Power business. 

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

ONGC: O P Singh takes charge as Director, T&FS

By IndianMandarins 01 Apr 2020

Om Prakash Singh (GGM, ONGC), on Wednesday, took charge as Director (Technical and Field Services), Oil & Natural Gas Corporation Limited (ONGC). He replaces  Navin Chandra Pandey who retired on March 31, 2020.

PESB had selected him for the post on 16.09.2019 and ACC had endorsed his appointment on 16.12.2019. He will have a tenure till his retirement on 31.12.2024.

Singh, a Mechanical Engineer with more than 32 years of experience, has built a deep industry understanding and proven management experience across the technical and commercial roles he undertook during his career.

Having a distinguished track record as a drilling engineer  O P Singh is well-versed with national and international Exploration & Production business and carries an extensive experience of offshore and onshore operations.bHe has played major roles in handling the challenging deepwater drilling project in India and overseas projects in Vietnam, Iran, Qatar, and Brazil. Previously, he headed Nhava Supply Base as well. Singh spearheaded Tripura Asset as the Asset Manager. During his tenure, the Asset made significant improvements.

ongc-aggarwal-appointed-as-govt-nominee-director

ONGC: Aggarwal appointed as Govt Nominee Director

By IndianMandarins 27 Mar 2020

Rajesh Aggarwal (IAS:1989:MH) has been appointed as Government Nominee Director of ONGC (w.e.f. 24.03.2020); a Maharatna PSU under the Ministry of Petroleum & Natural Gas. Aggarwal had recently replaced Rajiv Bansal (IAS:1988:NL) as who is currently serving as Additional Secretary & FA in MoPNG. The information was also shared by the Oil PSU in a regulatory filing to the stock exchange on Wednesday.

ongc-becomes-cheapest-oil-and-gas-company-globally

ONGC becomes cheapest Oil and Gas company globally

By IndianMandarins 22 Feb 2020

State-owned oil and gas company ONGC has become cheapest globally as earlier this week company’s stock price fell below Rs 100 for the first time in past 15 years. At present, ONGC trades at 4.2 times its estimated one-year forward earnings. Most global oil and gas majors command a price-to-earnings ratio of more than 15. Exxon Mobil and Saudi Arabian Oil Company (Saudi Aramco) have a P/E of 18.3 times and 17.3 times, respectively. While ONGC has always traded at a discount to its global peers, it has widened to record levels in recent months.
ONGC historically has traded at a discount versus global peer group, but over the past 12 months, the discount has widened materially. The the brokerage has a buy rating on the stock, albeit it has cut the price target from Rs 190 to Rs 172 due to a cut in earnings estimates amid weak global oil prices.

ongc-anurag-sharma-appointed-as-director-onshore

ONGC: Anurag Sharma appointed as Director (Onshore)

By IndianMandarins 19 Feb 2020

Anurag Sharma (ED, ONGC) was on Tuesday appointed as Director (Onshore), Oil & Natural Gas Corporation Limited (ONGC) till the date of his superannuation, i.e. 28.02.2023. He may take charge on 01 .06.2020.

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.

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