ONGC, PTC in power trading deal

PTC India Ltd (formerly known as Power Trading Corporation of India Ltd) has entered into an agreement with Oil and Natural Gas Commission for trading of the entire surplus from ONGC's existing generating units and new power projects to be set up all over the country.

The memorandum of understanding was signed by Subir Raha, chairman and managing director (CMD), ONGC and T N Thakur, CMD, PTC.

ONGC is planning to generate power from its dispersed, isolated and marginal gas producing fields, either on its own or through a special purpose vehicle to set up independent power producers (IPP).

ONGC had also invited PTC for equity participation for the development of the proposed IPP.