ONGC Current Affairs - 2019

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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.

India’s Second Tulip Garden to Come up in Uttarakhand

The government of Uttarakhand has obtained the permission to develop the tulip garden over 50 hectares of forest land in Pithoragarh district at a cost of Rs 50 crore. It will be the second Tulip garden in the country after the one located in Srinagar of Jammu and Kashmir.

The Tulip Garden will be developed by ONGC, under its corporate social responsibility programme in over 50 hectares of forest land near Chandak hilltop. The site was selected under the 13 districts, 13 new destinations’ scheme, to attract more tourists to the Pithoragarh district of Uttarakhand.

13 districts 13 new destinations’ scheme

The government of Uttarakhand has launched 13 districts 13 new destinations scheme to develop 13 new destinations based on particular themes in the 13 districts of the state. The counters finalised under the scheme are shown below