However, ONGC chairman and managing director Shashi Shankar said that borrowing will be the final option before the board to finance the deal
HPCL may acquire Mangalore Refinery and Petrochemicals Ltd in a cash and share- swap deal to become India’s third-largest oil refiner, a top official said. Oil and Natural Gas Corp (ONGC), India’s biggest oil and gas producer, last week announced acquisition of HPCL for Rs 36,915 crore. After this takeover, ONGC has two refining subsidiaries […]
Flagship explorer ONGC will retain Hindustan Petroleum as an independent group arm and continue with the company’s brand after acquiring the government’s stake in the country’s third-largest state-run refiner-retailer.
In an interview with ET Now, Shashi Shanker, CMD, ONGC, points out that ONGC is an upstream company whose top line and bottom line moves in tandem with crude oil price while reverse is the case for downstream companies like MRPL and HPCL. Together, this is going to provide a stable income and also higher risk appetite.
Thanks to the US shale revolution, the US may finally achieve energy independence, set as a goal by every president since Richard Nixon. Will India be able to achieve even the modest goal set by PM Narendra Modi, of reducing oil dependence by 10% by 2022?
Moody’s and S&P predict average oil price to be around $55 per barrel (b), whereas Goldman Sachs and Credit Suisse are predicting Brent price to be $62 and $60 per barrel in 2018.
Public sector upstream giant Oil and Natural Gas Corp (ONGC) has decided to increase its borrowing limit from Rs 25,000 crore to Rs 35,000 crore in order to fund the acquisition of Hindustan Petroleum Corporation (HPCL) for which it has agreed to pay Rs 36,915-crore to the government.
Union oil minister Dharmendra Pradhan said on Sunday his ministry was trying to bring petrol and diesel under the purview of the Goods and Services Tax (GST).
Following the announcement of the sale of the government’s equity share-holding in Hindustan Petroleum Corporation Limited (HPCL), Oil and Natural Gas Corporation(ONGC) Chairman and Managing Director (CMD) Shashi Shanker said the designated Rs 36,915 crore was well within recommended limits.
Oil and Natural Gas Corporation (ONGC), India’s first to be fully integrated ‘Oil Major’, will will benefit from an increased appetite for overseas acquisitions post the Rs 36,915 crore acquisition of state-run fuel retailer Hindustan Petroleum (HPCL), Chairman and Managing Director Shashi Shanker said.