Oil and gas producer ONGC spent about one-fifth less than its budget Capex in 2020-21 fiscal after COVID-19 related restrictions delayed projects but fuel marketers such as IOC exceeded targeted capital spending, a government report showed. Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in the fiscal from April 2020 to March 2021 but ended up spending only Rs 26,441 crore, according to the report of the oil ministry s Petroleum Planning and Analysis Cell (PPAC). A company official said the lower than targeted Capex was because of project implementations getting delayed following the disruption caused to the supply chain and labour movement by COVID restrictions.
Oil marketing major BPCL has started the supply of medical grade oxygen to hospitals at ‘no cost’ in the view of shortage impacting critical patients of COVID-19.
‘Covid wave may delay privatisation, divestment’
April 19, 2021
Privatisation of insurance and banking companies requires some legislative action - HAKINMHAN×
Officials say LIC’s IPO could also take a hit given the complex valuation process
The surge in Covid-19 cases across the country is likely to impact the progress on strategic disinvestment and privatisation programme during this fiscal, which could further delay the sale of government’s stake in companies such as Bharat Petroleum Corporation and Shipping Corporation of India.
Privatisation of two nationalised banks and a government-owned general insurance company could also be impeded. Officials also indicated that the initial public offering (IPO) of LIC may see some delay.
Acquisition of NRL shares will ensure energy security of India: Oil India
Bharat Petroleum Corporation Ltd on March 25 sold its entire 61.5 per cent stake in NRL to a consortium of OIL and Engineers India and the Assam government for Rs 9,876 crore.
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GUWAHATI: Oil India Limited (OIL) on Tuesday said its acquisition of shares of Numaligarh Refinery Ltd (NRL) in Assam will be a synergy for mutual growth, ensure energy security of the nation, besides partially mitigating the effect of volatility of crude price cycle.
Bharat Petroleum Corporation Ltd on March 25 sold its entire 61.5 per cent stake in NRL to a consortium of OIL and Engineers India and the Assam government for Rs 9,876 crore. OIL bought a 54.16 per cent stake to raise its shareholding in the refinery to 80.16 per cent.
OIL-NRL partnership: A synergy for mutual growth & energy security
The OIL (Oil India Limited) and NRL (Numaligarh Refinery Limited) together is all set to a pivotal role in contributing towards fulfilling the vision of ‘Act East Policy’
| 14 April 2021 1:39 AM GMT
GUWAHATI: The OIL (Oil India Limited) and NRL (Numaligarh Refinery Limited) together is all set to a pivotal role in contributing towards fulfilling the vision of Act East Policy , said OIL CMD (Chairman & Managing Director) and NRL Chairman Sushil Chandra Mishra in the presence of NRL Managing Director S.K Barua while addressing the media here on Tuesday.
Mishra pointed out, The Central Government and the State Government have laid huge emphasis on the Act East Policy with focus on creating long-lasting business relations with the neighbouring countries on the North Eastern frontiers of our country. OIL and NRL have a very special place in the hearts of the people of Assam where both the companies have