ONGC mulls merger

DEHRADUN, July 21, 2016 – An ONGC executive has said that the company should consider a merger with a refining corporation in order ride out the current oil price storm. In comments made on Thursday, ONGC director for offshore Tapas Kumar Sengupta said the company should become an integrated business.

“An an integrated company, during price fluctuations, ONGC can make up in its refining and petrochemicals business whatever it loses as a crude oil producer,” Sengupta said, adding that such a move would “held stabilise the company’s revenue and profit.”

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation were floated as examples of entities to merge with.

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