AL JAZEERA ENGLISH (AJE) Indonesian stockmarket Feed
India’s biggest oil and gas Exploration Company, Oil & Natural Gas Corporation Ltd, has finally announced that the company board has approved special dividend, bonus shares and stock split form a Rs 10 to Rs. 5 FV stock at their meeting on 16 December. This decision of the board has come ahead of a public offering.
Oil & Natural Gas Corporation Ltd, India’s major oil and gas Exploration Company after market hours on Tuesday announced that the company will consider special dividend and bonus shares at their meeting on 16 December.
The board is also planning for a public offering. The company will be splitting the stock into two to make it attractive for the retail investors for their first public offering.
They are planning to raise a whopping sum of 11,000 crore by this FPO. The strategy is similar to the state-run Engineers India ltd. that the government followed in the first part of the year.
Oil exploring companies, drilling for oil and gas in various oil blocks, have been granted a time span of three years more for continuing their operations in a meeting of the cabinet committee of economic affairs chaired by Prime Minister Dr. Manmohan Singh.
The firms including ONGC, ENI of Italy and Reliance Industries, have assured to do exemplary work in the coming period for making the country rich in energy. The firms remained fail to meet their contractual obligation in the 30 oil blocks awarded to them by the ministry.
State owned Indian oil Company, Oil and Natural Gas Corp. Ltd (ONGC) has been invited by Mauritius to set up and start a refinery in their country. This, they said, should be made in collaboration with Mauritius’ State Trading Corporation (STC).
The invitation is for a period of three years and petroleum products worth $2 billion are expected to be sourced as the effect of the same.
At present, Mauritius has no refinery capacity of its own and the country imports petroleum products from ONGC’s subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL).
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