ONGC-Mittal combines trade arm with exploration co
India's state-run Oil and Natural Gas Corp and Mittal Group, which runs the world's top steel maker ArcelorMittal, have combined their trading joint venture with their exploration tie-up, the ONGC chairman said on Monday.
In 2005, ONGC formed two joint ventures with the Mittal Group; ONGC Mittal Energy Ltd to invest in exploration projects and ONGC Mittal Energy Services Ltd for trading and shipping of oil and gas, including liquefied natural gas.
"There was no activity, so we have collapsed it (into) the other company OMEL (ONGC Mittal Energy Ltd.)," ONGC chairman R C Sharma told reporters.
Separately, ONGC was looking to refinance the debt of its overseas investment arm ONGC Videsh Ltd (OVL), Sharma said. He said ONGC had no immediate plans to raise fresh funds, as its funding needs would be met through internal resources.
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SHILPI KUMARI
PGDM-3rd SEM
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