ONGC overtakes India Oil Corp as Most Profitable PSU
The Oil and Natural Gas Corporation (ONGC) overtook India Oil Corporation (IOC) by regaining crown of being India’s most profitable Public Sector Undertakings (PSU).
- In the previous two financial years (2016-17 and 2017-18) ONGC had lost the most profitable PSU tag to IOC.
- In fiscal year 2018-19, ONGC’s net profits increased by 34% to Rs.26,716 crore in comparison to it IOC registered a net profit of Rs.17,274 crore for fiscal year ended March 31, 2019.
- In Financial year 2018-19 IOC also lost its title of being India’s largest company by turnover tag to Mukesh Ambani led Reliance Industries. It was because IOC’s refining margins were under pressure due to falling oil prices. Thus with a 44% rise in revenue, RIL is now India’s biggest firm in terms of revenue, profit and market capitalisation.
- It is a state owned multinational oil and gas company earlier headquartered in Dehradun, (Uttarakhand) now headquartered in Vasant Kunj, Delhi.
- It is a Public Sector Undertaking (PSU), under administrative control of Union Ministry of Petroleum and Natural Gas.
- It is India’s largest oil and gas exploration and production company which global rank of 11 among the Top 250 Global Energy Companies (by Platts).
- It produces about 62% of India’s natural gas demand 70% of India’s crude oil demand which is equivalent to around 30% of India’s total demand.
Month: Current Affairs - June, 2019
Category: Economy & Banking Current Affairs
Topics: Global Energy Companies • India Oil Corp • India Oil Corporation • IOC • Oil and Natural Gas Corporation • ONGC • PSU • Public Sector Undertaking • Reliance Industries Limited (RIL) • Union Ministry of Petroleum and Natural Gas