Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
The Oil and Natural Gas Corporation, which had tapped 6 billion tonnes of oil and natural gas in the past 45 years, is planning to double the production in the next 20 years, a top executive of the corporation said on Friday.
State-owned Oil and Natural Gas Corp will invest Rs 985 crore (Rs 9.85 billion) to develop the Bassein East field, which is estimated to contain 97 million tonnes of oil and oil equivalent gas.
Oil and Natural Gas Corporation is likely to buy 16.9 per cent stake of Hindustan Petroleum Corporation in loss-making Mangalore Refinery and Petrochemicals for close to Rs 550 crore.\n\n
The offer for sale of 10 per cent equity in exploration major Oil and Natural Gas Corporation would open on March 5 and close on March 13, ONCG Chairman and Managing Director Subir Raha said in New Delhi on Monday.
Deregulation of the oil sector has brought windfall gains for Oil and Natural Gas Corporation, with its net profit jumping 70 per cent to Rs 10,529.33 crore (Rs 105.29 billion) in 2002-03.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
On Sunday, angry villagers of Leelala laid their own foundation stone - which had 'aam aadmi' inscribed as the name of the chief guest - still claiming the project was to come up in their village.
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