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Indian oil majors set up JV consultancy firm

Two of India's top state-owned oil companies have come together to offer consultancy services in the petroleum sector, it was announced on Saturday.

The new joint venture company, ONGIO International Private Ltd, has been set up by exploration major Oil and Natural Gas Corporation and largest refiner Indian Oil Corporation with equity of Rs 100 million.

The company has been established "to provide integrated training, consultancy and services of international standards in the upstream and downstream sectors" at competitive rates, an ONGC spokesperson said. The decision to form the JV was taken two years ago.

"We will be synergising the strengths of both the companies and utilising our in-house expertise and infrastructure facilities to provide consultancy services in the hydrocarbon sector including in safety and environment management," the spokesperson said.

The two companies, which are equal partners in the joint venture, have decided to rotate the posts of chairman and the managing director between them.

The company will be staffed with technical experts from ONGC and IOC.

The board of directors of the new company has been given powers to raise additional financial resources "through the issue of fresh shares or debt," the spokesperson added.

Indo-Asian News Service

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