Stock Market

ONGC Videsh Ltd Feels It’s Not The Right Time To List The Company In Market Cap

The division of investment and public asset management (DIPAM) in market cap has requested that ONGC list its abroad arm ONGC Videsh (OVL) on the Indian stock trades, yet a best OVL official on Wednesday said this isn’t the correct time to do as such.

As indicated by a letter composed by DIPAM, the government had a month ago asked Oil and Natural Gas Corp (ONGC) to list its abroad investment arm ONGC Videsh Ltd on stock trades and exchange continues to it as an extraordinary profit, helping meet its disinvestment focus.

The official said to the Financial Express, their transactions with Iran in regards to the Farzad-B gas field has put on ‘sleep mode’, given the difficulties looked in the Persian Gulf nation because of authorizations forced by the US.

ONGC, through its abroad arm OVL, has a stake in almost 41 oil and gas extends under different phases of advancement in market cap all over 20 nations including Brazil, Iran, Colombia, Iraq, Mozambique, New Zealand, Russia, Venezuela, and Vietnam.

OVL’s giant gas field in Mozambique will begin creation at some point in 2022 when two LNG trains of 12 million tons for every annum limit are set up and gas traded in cryogenic boats.

The official cited above included that the organization’s South Sudan field has placed to creation last week and is delivering around 8,000 barrels for each day of oil. While all the oil delivered here will be imported, North Sudan will get $28 per barrel as a single amount and travel expense for utilizing its property for the export facility.

ONGC had helped the government meet its disinvestment target last monetary when it purchased a 51.11 percent stake in state-possessed Hindustan Petroleum Corp Ltd (HPCL) for Rs 36,915 crore.

As per the report of Economic Times, after failing to discover a purchaser for Air India in market cap, DIPAM is again taking a look at ONGC to meet the Rs 80,000 crore income mobilization target set out for it in the Budget for 2018-19 from the sale of government stake in PSUs.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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