Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Govt Neither Divesting Nor Privatising ONGC, Only Monetising Oilfields through Bid, Says Pradhan

In a transparent bidding process, the government is keeping some of the discovered oilfields of ONGC on a public domain based on a criteria, which will produce more and pay higher to the government, Petroleum Minister Dharmendra Pradhan said.

PTI

Updated:July 3, 2019, 4:14 PM IST
facebookTwitterskypewhatsapp
Govt Neither Divesting Nor Privatising ONGC, Only Monetising Oilfields through Bid, Says Pradhan
File photo of Oil Minister Dharmendra Pradhan. (Photo: REUTERS)

New Delhi: State-run ONGC will neither be dis-invested nor privatised but only oilfields discovered by it are being monetised through a transparent bidding process to ensure the country's energy security, Petroleum Minister Dharmendra Pradhan said in the Rajya Sabha on Wednesday.

During Question Hour, he also said that synergy between ONGC and HPCL is fully a corporate decision.

"There are two challenges with regard to natural resources. One is to keep an estimate on how much we have and the other one is to monetise it. Disinvestment or privatisation of ONGC is not happening," Pradhan said.

In a transparent bidding process, the government is keeping some of the discovered oilfields of ONGC on a public domain based on a criteria, which will produce more and pay higher to the government, he said.

"We are just monetising. ONGC can also reinvest and other government firms can also do so. Technology companies across the globe can also invest," he said.

At a time when India is importing 80 per cent of its crude oil requirement, there is a need to monetise natural resources, he added.

The minister said the government is not privatising the ONGC but adopting a new model wherein both public and private players can participate in oil production.

To a query on ONGC and HPCL, the minister said, "Earlier, ONGC was into production alone. Bringing synergy between ONGC and HPCL, we are able to establish ourselves as one of the top

20 companies in the world. Its market appreciation has increased. It is fully a corporate decision taken in the interest of the country."

Government's decisions are not done secretly. In the last Budget, the finance minister had talked about taking measures to ensure energy security in the country. All these measures

are in that direction, he added.

Replying to another query on future of OVL, Pradhan said the company has completed 60 years.

"OVL has invested USD 28 billion. OVL profitability is satisfactory. Under the Modi government, the investment approach has changed. Earlier, we used to invest in discovery

and at developing stage. Now, many states have started giving equity in producing stage. Our OVL is taking lead in that. OVL has a golden future," he added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results