ONGC loses big money on gas sales: India Today - Latest Breaking News from India, World, Business, Cricket, Sports, Bollywood.
While Reliance Industries Ltd (RIL) has recorded a big jump in profit due to the increased production of natural gas from its eastern offshore KG basin field, public sector oil giant ONGC is actually losing money on sale of natural gas because of the subsidised price at which it is supplied to the country's fertiliser units and power plants. ONGC chairman R.S. Sharma told Mail Today the cost of producing natural gas had doubled in recent years and the price that the company was getting was not even enough to meet the cost of production and the rate of interest on capital invested for the purpose.
Full Story: ONGC loses big money on gas sales - India Today
While Reliance Industries Ltd (RIL) has recorded a big jump in profit due to the increased production of natural gas from its eastern offshore KG basin field, public sector oil giant ONGC is actually losing money on sale of natural gas because of the subsidised price at which it is supplied to the country's fertiliser units and power plants. ONGC chairman R.S. Sharma told Mail Today the cost of producing natural gas had doubled in recent years and the price that the company was getting was not even enough to meet the cost of production and the rate of interest on capital invested for the purpose.
Full Story: ONGC loses big money on gas sales - India Today
