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ONGC internet drops 67% to Rs 1,378 crore in Q3, to drift gasoline biz subsidiary – Instances of India

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NEW DELHI: Flagship explorer ONGC’s December quarter internet revenue dropped 67% from a 12 months in the past to Rs 1,378 crore from Rs 4,2226 crore a 12 months in the past as a pointy decline in home gas costs and better statutory levies offset the advantage of a rebound in costs.
Undaunted, the corporate board on Saturday permitted formation of a wholly-owned subsidiary for gasoline and LNG enterprise, the brand new development space within the oil sector because the world goes via vitality transition.
The corporate realised $43.9 per barrel on crude within the quarter underneath evaluate towards $58.24 a barrel within the earlier corresponding interval, the corporate mentioned in an announcement.
“The corporate (subsidiary) is being fashioned with the target of sourcing, advertising and buying and selling of pure gasoline, LNG enterprise, hydrogen enriched CNG (HCNG), gasoline to energy enterprise, bio-energy/ bio-gas/ bio methane/ different biofuels enterprise, and many others,” the assertion mentioned.
ONGC mentioned its board has additionally permitted acquisition of 5% in Indian Fuel Trade Ltd (IGX) as strategic funding.
“As an vital stakeholder within the gasoline sector, it might be important for ONGC to take part on the gasoline change for growth of the gasoline sector. ONGC’s pursuits in the direction of realizing most worth from its gasoline advertising efforts could also be substantiated via this primary gasoline buying and selling platform within the nation,” the corporate mentioned.

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