New Delhi [India], August 29 : Oil and Natural Gas Corporation (ONGC) will continue to purchase Russian crude oil, but only when it makes sense economically, Chairman Arun Kumar Singh said on Friday
"ONGC refineries purchase Russian crude oil when it is economically viable, and based on spot market prices. If prices are competitive, our refineries will definitely buy. If it is not competitive, we will run our refineries from other sources," Singh told ANI.
These remarks are made at a time when the US administration has imposed 50 per cent tariffs on Indian goods, accusing the country of buying Russian crude.
Asked about the company's global ambitions, Singh noted that ONGC is willing to pursue overseas assets when they add value.
"We will continue to buy assets globally if they offer value to us," he said, without naming any country.
India has significantly broadened its oil import sources. According to official data, India has diversified its sources of supply from 27 to around 40 countries.
India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region.
Today, ONGC reported at its AGM that its standalone gross revenue for the recently concluded financial year 2024-25 stood at Rs 1.37 lakh crore, a decline from Rs 1.38 lakh crore.
In 2022-23, it was Rs 1.55 lakh crore, the company said in its presentation after the Annual General Meeting.
The consolidated revenue, however, increased year-on-year to Rs 6.75 lakh crore from Rs 6.65 lakh crore.
The state-owned firm's standalone profit after tax was reported at Rs 35,610 crore, as against Rs 40,526 crore in 2023-24, and Rs 40,097 crore in 2022-23.
The consolidated profits also declined year-on-year to Rs 38,329 crore from Rs 55,273 crore.
Its earnings per share (EPS) also declined on a year-on-year basis to Rs 28.31, from Rs 32.21.
The PSU company has a robust credit rating domestic rating agencies ICRA, India Ratings, and CareEdge have assigned AAA to its long-term debt.
The international rating agencies, Moody's, S&P Global Ratings, and Fitch Ratings, have affirmed Baa3, BBB, and BBB-, respectively.
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