ONGC gross turnover marginally down at Rs 35,350 crore

Oil and Natural Gas Corporation (ONGC) has reported a marginally lower gross turnover in 2003-04 at Rs 33,350 crore as against Rs 35,387 crore 2002-03. This is after adjusting the subsidy paid out to IOCL, BPCL and HPCL amounting to Rs 2,063 crore.

However, ONGC chairman and managing director Subir Raha said the ONGC group turnover during 2003-04 crossed the landmark of $10-billion mark. The group turnover includes ONGC Videsh at Rs 3,175 crore (up 1,268 per cent) and Mangalore Refinery and Petrochemicals Ltd (MRPL) at Rs 12,488 crore (up 46 per cent).

According to the listing of global energy companies issued by PFC Energy of the US, ONGC improved its ranking from 45th to 17th during 2003. The stand alone ONGC ranked 5th by sales in India.

India's largest company, Indian Oil Corporation, ranked 17th among the global petroleum refining companies with sales of over $22 billion.

ONGC, with the standalone sales of $7.49 billion could be 10th largest petroleum and refining company in the US. During 2003-04, ONGC produced 49.66 million metric tonne (MMT) of oil and oil equivalent gas (O+OEG) against the target of 49.7 MMT.