ONGC posts net profit of Rs 12,500 crore in 04-05

Agartala, April 19 | Updated: Apr 20 2005, 05:30am hrs
Oil and Natural Gas Corporation (ONGC) made a net profit of Rs 12,500 crore in the last financial year and Rs 30,000 crore in last three years, company chairman and managing director Subir Raha said.

Our growth in the hydro-carbon sector and as a oil and gas exploration company during the said period was satisfactory, Raha told reporters here last night.

Despite ONGC emerging as profit making organisation, it was suffering a loss of about Rs 200 crore in Tripura per annum because of its inability to sell gas due to communication bottleneck, he said.

Mr Raha said the ONGC was now working on an ambitious joint venture project for setting up a 750 mg watt gas based thermal unit at Palatana in South Tripura district, to be completed in 30 months.

In the project ONGC Tripura Power Project (ONGC TPP) the Tripura government will have 24% share, the ONGC 26% share and the rest will be collected by selling equity share in the market, he said.

MR Raha who is also the chairman of the project said effort was being made to involve North Eastern Power Corporaion (Nepco) in the project but nothing has been finalised.

PTI