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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Oil and Natural Gas Corporation Ltd    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LTD (ONGC)
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Oil and Natural Gas : India to expand Urja Ganga gas pipeline project to cover more states

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01/13/2018 | 03:18pm CEST

The Indian government has announced its plans to extend the 2,655km long Pradhan Mantri Urja Ganga gas pipeline project to cover the North Eastern states.

Indian Petroleum and Natural Gas Minister Dharmendra Pradhan said that the aim of the pipeline expansion will be to bring the North East region under the natural gas grid.

To begin with, the INR129.4bn ($2.03bn) Urja Ganga pipeline project will see an extension by another 750km up to Guwahati in the state of Assam and later on will be extended to all the state capitals of North East India.

The pipelines extension to Guwahati is expected to see an additional investment of INR37-40bn ($580-630m).

According to Pradhan, the pipeline network will enable better usage of gas deposits in Manipur, Silchar Valley and Arunachal Pradesh while also opening up more jobs in the North East, reported Business Standard.

In this connection, GAIL (India) is leading a consortium of state-controlled companies which have kick started the initial work on the pipeline project, also known as Jagdishpur-Haldia and Bokaro-Dhamra Pipeline (JHBDPL).

Other partners of the consortium are Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum (HPCL) and Oil India. The consortium is expected to put across a proposal with the Petroleum and Natural Gas Regulatory Board for the extension of the pipeline project.

The companies intend to form a Special Purpose Vehicle (SPV) to create the natural gas pipeline network in the North East region.

Oil India chairman and managing director Utpal Bora has confirmed the plan of the five state-owned oil Public Sector Undertakings (PSUs) to establish the SPV.

Bora was quoted ETEnergyWorld as saying: That is a plan. I cannot get into the financing of it at this stage.

The first meeting (on the proposal) has taken place and a formal announcement on this issue will be made soon.

Launched in October 2016, the Urja Ganga project started with the intention of transporting gas through the states of Uttar Pradesh, Bihar, Jharkhand, West Bengal and Odisha.

(c) 2018 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
OIL AND NATURAL GAS CORPORATION LTD 1.84% 160.35 End-of-day quote.-19.28%
OIL INDIA LIMITED 2.13% 205.85 End-of-day quote.-18.19%
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Financials (INR)
Sales 2019 1 802 B
EBIT 2019 469 B
Net income 2019 318 B
Debt 2019 700 B
Yield 2019 5,12%
P/E ratio 2019 6,49
P/E ratio 2020 6,22
EV / Sales 2019 1,51x
EV / Sales 2020 1,54x
Capitalization 2 020 B
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Number of Analysts 32
Average target price 221  INR
Spread / Average Target 40%
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Shashi Shanker Chairman & Managing Director
Subhash Kumar CFO, Finance Director & Executive Director
Ajay Kumar Dwivedi Executive Director & Exploration Director
Shireesh Balwant Kedare Independent Director
Kodundhirapully M. Padmanabhan Independent Director
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