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This is an archive article published on June 23, 2004

Plans to be $50 bn firm in 5 yrs

ONGC is planning diversification in crude and gas shipping as part of plans to become a $50 billion group in the next five years. The crude ...

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ONGC is planning diversification in crude and gas shipping as part of plans to become a $50 billion group in the next five years. The crude and shipping business will be additional to its already announced plans to diversify into petrochemicals, power and LNG. ‘‘We have two opportunities. The first being shipping crude oil from Sakhlain fields in far East Russia, where ONGC’s subsidiary OVL has 20 per cent stake and the field goes on production in 2005-06. The second is LNG shipping for our upcoming import terminal at Mangalore,’’ ONGC CMD Subir Raha said.

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