OVL's financial powers may increase 10-folds

OVL's financial powers may increase 10-folds
The Indian oil ministry is working on a blueprint for a 10 fold increase in the financial powers of ONGC Videsh Ltd, the overseas investment arm of state-run oil and gas major, Oil and Natural Gas Corp. (ONGC).

As per the proposed arrangements, ONGC Videsh's powers to make investment decision will be lifted from its present level of Rs. 300 crore to Rs. 3000 crore, which will help the oil major in faster execution of financial decisions.

A spokesperson of ONGC Videsh quoted, "At present, we have to seek approval at various levels for even drilling a well in our properties abroad. This entails long procedures and delays, which usually upset our foreign partners in fields. With greater financial powers, the decisions will be quicker."

Read more about: oil and gas, ongc videsh, bse, shares
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