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Energy | ONGC cuts discount on oil sold to refiners

Energy | ONGC cuts discount on oil sold to refiners
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First Published: Fri, Oct 23 2009. 10 09 PM IST
Updated: Fri, Oct 23 2009. 10 09 PM IST
New Delhi: The country’s biggest energy explorer, Oil and Natural Gas Corp. Ltd (ONGC), is said to have cut discounts on crude oil sold to state refiners by 79% in the second quarter after prices declined from a peak, an official said.
The government asked ONGC to give discounts of Rs2,630 crore to refiners including Indian Oil Corp. Ltd in the three months ended 30 September, an official at the explorer said, asking not to be named before the quarterly earnings are announced on 29 October. The subsidy bill was Rs12,663 crore a year earlier, the firm said.
Bloomberg
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Petronet LNG may buy 10% stake in ONGC arm
New Delhi: The country’s biggest buyer of liquefied natural gas, Petronet LNG Ltd, may buy a 10% stake in a chemical plant being constructed by Oil and Natural Gas Corp. Ltd (ONGC).
The New Delhi-based LNG supplier will supply 2.5 million tonnes a year of imported natural gas to the petrochemical plant being built in Dahej in Gujarat, managing director P. Dasgupta said.
Bloomberg
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First Published: Fri, Oct 23 2009. 10 09 PM IST
More Topics: ONGC | Oil | Refiners | Petronet LNG | Stake |