India Oil Corporation Current Affairs - 2020

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Public Enterprises Survey: Air India, MTNL, BSNL highest loss makings PSUs in FY19

On February 10, 2020, the Department of Public Enterprises operating under Ministry of Heavy Industries tabled the “Public Enterprises Survey” on the parliament. The report says that the net profit from the PSUs has increased by 15.5% as compared to the previous year.

Highlights

The survey said that Indian Oil Corporation, NTPC and ONGC were the top three profitable PSUs in 2018-19. On the other hand, MTNL, BSNL and Air India were the highest loss-making PSU. Also, the survey noted that these three PSUs have been making losses for three consecutive years.

The report also said that total income from Central Public Sector Enterprises (CPSE) in the year 2018-19 was 24 lakh crore rupees. It was 20 lakh crore rupees the previous year. There has been an increase of 4.67%

Relative performance

The enterprises such as MSTC, Chennai Petroleum Corporation and State Trading Corporation that were making profit last year (2017-18) incurred loss in the fiscal year 2019 (2019-19).

There are a total of 348 CPSEs. Out of these 249 are operational, 13 are under closure or liquidation and 86 are under construction.

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ONGC overtakes India Oil Corp as Most Profitable PSU

The Oil and Natural Gas Corporation (ONGC) overtook India Oil Corporation (IOC) by regaining crown of being India’s most profitable Public Sector Undertakings (PSU).

Key Highlights

  • In the previous two financial years (2016-17 and 2017-18) ONGC had lost the most profitable PSU tag to IOC.
  • In fiscal year 2018-19, ONGC’s net profits increased by 34% to Rs.26,716 crore in comparison to it IOC registered a net profit of Rs.17,274 crore for fiscal year ended March 31, 2019.
  • In Financial year 2018-19 IOC also lost its title of being India’s largest company by turnover tag to Mukesh Ambani led Reliance Industries. It was because IOC’s refining margins were under pressure due to falling oil prices. Thus with a 44% rise in revenue, RIL is now India’s biggest firm in terms of revenue, profit and market capitalisation.

About ONGC

  • It is a state owned multinational oil and gas company earlier headquartered in Dehradun, (Uttarakhand) now headquartered in Vasant Kunj, Delhi.
  • It is a Public Sector Undertaking (PSU), under administrative control of Union Ministry of Petroleum and Natural Gas.
  • It is India’s largest oil and gas exploration and production company which global rank of 11 among the Top 250 Global Energy Companies (by Platts).
  • It produces about 62% of India’s natural gas demand 70% of India’s crude oil demand which is equivalent to around 30% of India’s total demand.

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