ONGC’s net profit declined 67 percent in the third quarter of the current financial year. The company said its net profit in the October-December 2020 quarter was Rs 1,378 crore.
State-owned Oil and Natural Gas Corporation (ONGC) Gas is also setting up a separate company on the lines of Reliance Industries.
According to the company’s quarterly financial report, 100 per cent of its shares will be with ONGC. This company will buy, market and trade fuels such as gas, LNG, biogas, methane. This new company can also buy gas for projects of ONGC. Apart from this, KG Basin can also bid to buy gas from their projects like KG-D5.
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Let us tell you that under this policy, Reliance O2C Ltd., a company affiliated to Reliance Industries. Had bought gas in the auction held on February 5. ONGC’s net profit declined 67 percent in the third quarter of the current financial year.
The company said in a statement that its net profit in the October-December 2020 quarter was Rs 1,378 crore. 67.4 percent less than Rs 4,226 crore in the same quarter a year ago.
During this period, the company received a price of USD 43.9 per barrel for crude oil, compared to USD 58.24 per barrel in the same period a year earlier. During this period, ONGC’s total income declined by 28 percent to Rs 17,024 crore. The company board has also approved an interim dividend of 35 percent.
The company said in a statement that the item would cost a total of Rs 2,201.55 crore. ONGC said that its board has also approved the acquisition of five percent equity in Indian Gas Exchange Limited (IGX) as a strategic investment.
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