×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

ONGC sees one-time gain on royalty-sharing with Cairn

ONGC sees one-time gain on royalty-sharing with Cairn
Comment E-mail Print Share
First Published: Tue, Aug 30 2011. 11 44 AM IST
Updated: Tue, Aug 30 2011. 11 44 AM IST
New Delhi: Indian state-run explorer Oil and Natural Gas Corporation expects a one-time gain of Rs 1,500 crore this fiscal year because of a reduction in royalty paid on Cairn India’s Rajasthan blocks, its finance director said.
“In the last two years we paid a royalty of Rs 2,000 crore and recently the government has decided that royalty should be cost recoverable,” D. K. Sarraf told reporters on Tuesday.
In June, India granted conditional approval to Vedanta for buying a stake in Cairn India from Cairn Energy, and requiring Cairn India to share royalty payments with ONGC.
ONGC and Cairn India co-own several blocks in the western state of Rajasthan.
Comment E-mail Print Share
First Published: Tue, Aug 30 2011. 11 44 AM IST