ONGC, GAIL refuse to share subsidy bill

 In separate communications to the petroleum ministry, the two companies have said their investment plans leave them with little surplus to pay for the under-recoveries by oil companies on the sale of the two subsidised cooking fuels.

 ONGC said it did not have surplus funds as it was launching a multi-billion-dollar deepsea oil and gas hunt aimed at exploring Rs 644,000-crore worth of hydrocarbons on the east and west coasts of the country.

 GAIL, on its part, said it would invest Rs 20,000 crore over the next five years to set up a 8,000-km gas grid across the country and a majority of the investment would have to be met internally.