Sarraf takes over CEO & MD of ONGC Videsh

Sarraf takes over CEO & MD of ONGC Videsh

New Delhi: Dinesh K Sarraf has taken over as the CEO and managing director of ONGC Videsh Ltd, the overseas investment arm of state oil and gas explorer ONGC.

Sarraf, 54, was director (finance), Oil and Natural Gas Corp (ONGC) before being selected to head the company tasked with acquisition of oil and gas properties overseas.

ONGC in a filing to the stock exchanges said Sarraf has resigned from the post of director (finance) after being appointed at OVL’s top job.

He relinquished his charge on Friday.

The post of OVL managing director fell vacant when R S Butola took over as the chairman of state refiner Indian Oil Corp (IOC) earlier this year. Sarraf was selected for the job by government head-hunters Public Enterprise Selection Board (PESB).

Formal orders appointing Sarraf as managing director of OVL were issued by the oil ministry on 14 September but he did not take charge immediately due to impending share sale of ONGC. Now that the follow-on public offer (FPO) has been deferred, he has taken the charge.

Sarraf holds a Bachelor’s degree and a Master’s degree in commerce from the university of Delhi. He is also a member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.

He has 28 years of experience in the petroleum and natural gas sector and has served in the Oil Coordination Committee under the ministry of petroleum and natural gas.

Sarraf joined ONGC in September 1991 and has, since then, handled various assignments. As director (finance) of ONGC, he was responsible for formulating strategic financial policies and implementation thereof, appraisal of capital expenditure and investment proposals, development of financial management information and control systems, treasury management and ensuring sound corporate governance practices.