ONGC likely to invite EoI for 6.5 GW renewable energy venture

The state-owned Oil and Natural Gas Corp. Ltd is likely to invite expressions of interest (EoI) from potential partners to generate 6.5 gigawatts (GW) of renewable energy such as wind and solar power.

The company is also planning to sign an agreement with the state-owned Nuclear Power Corp. of India Ltd for setting up six nuclear plants, each with a capacity of 1,740 MW, Chairman and Managing Director, Sudhir Vasudeva said while announcing the company's annual and quarterly results.

Moreover, ONGC aims to generate 30 per cent of its revenue from non-exploration and production business by 2030, added the media report.

However, the net profit of ONGC decreased 16.7 per cent in the fiscal year ended 31 March to Rs.20,926 crore on account of its subsidy burden—for supplying crude at a discount to oil marketing companies—hitting a record Rs.49,421 crore.

Meanwhile, revenue of the company increased 8.4 per cent to Rs.82,552 crore, said the media reports.

In addition, ONGC also confirmed that it is in talks with Royal Dutch Shell plc for joint participation across the hydrocarbon value chain in upstream, mid stream and down activities.

Story first published: Thursday, May 30, 2013, 13:32 [IST]
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