What are the issues specific to ONGC?
When we talk about issues specific to ONGC there are several government policies which affect our operations and we have informed the Government about them. For example, the practice of ad hoc subsidy sharing along with subsidised gas pricing. When power and fertiliser companies can afford to buy gas from private producers at the market price, why can they not do the same from ONGC? This whole concept of transferring profits from ONGC to power and fertiliser companies for gas, and profits from ONGC to downstream marketing companies for subsidy is going to adversely affect us. Besides it will also impact the fundamentals of good corporate governance. ONGC’s capital investment rate, which used to be Rs 3,000/4,000 crore per year, is today Rs 10,000 crore. And if we keep on transferring profits from our balance-sheet to that of other companies, it is not good for us as ONGC is a globally held company. ONGC has time and again been saying that it wants to be exempted from the subsidy-sharin
