|Pay-Back Of ONGC Group’s Overseas Investment Commences, OVL, New Delhi|
09 July, 2003
ONGC Videsh Limited (OVL), the wholly-owned subsidiary of ONGC, has commenced repayment of loan availed by it from ONGC, for acquiring a 25 per cent participating interest in the Greater Nile Oil Project in Sudan. The Sudan Project is a producing field with a total annual production of around 12 million metric tonnes per year.
The repayment signifies the commencement of repatriation of financial returns from the subsidiary’s overseas investments, made in March this year itself.
The cheque for Rs. 100 Crore was formally handed over by OVL’s Director Mr. R S Butola to ONGC’s Director (Finance) Mr. R S Sharma, in the presence of ONGC’s C&MD Mr. Subir Raha, who is also the Chairman of OVL, and OVL’s Managing Director Mr. Atul Chandra. Director (Offshore) Mr. V K Sharma and Director (T&FS) Mr. N Lal were also present on the occasion, which took place in ONGC’s New Delhi office on July 8.
The billion-rupee cheque: Mr. Butola hands it over to Mr. Sharma
Earlier, the first-ever consignment of ONGC group’s equity oil to India was received from the Sudan project, when a consignment of sweet crude, measuring 6,00,000 barrels, was received by the Mangalore Refineries and Petrochemicals Limited (MRPL), the new entrant in the ONGC group, in the middle of May, 2003.
Sharing of ideas to reach the strategic milestone
Fuelled by the long-term strategic goal to source 20 million tonnes of oil and oil equivalent gas (O + OEG) from abroad by 2020, OVL’s recent efforts, to source hydrocarbons from beyond the shores of the country, has led to a series of attractive acquisitions. Its annual share of three million tonnes of equity crude from the Sudan field is being viewed by optimists as the launch of India’s journey towards long-term energy security.