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August 29, 2001
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Money > Reuters > Report August 29, 2001 |
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ONGC Videsh plans New York listing by 2005ONGC Videsh, a subsidiary of Oil and Natural Gas Corp, plans to list in New York by 2005 when a giant Russian field in which it has a 20 per cent stake starts production, a top official said on Wednesday. It also plans to acquire small and medium oil companies abroad to emerge as an important player in the international market, ONGC Videsh Managing Director Atul Chandra said in an interview. The company would appoint a "change management consultant" in the next six months to help it acquire companies abroad and guide it to an overseas listing, he said. "We should get listed on the New York Stock Exchange by 2005," Chandra said. "Then you are a real international player. You have access to funds. And eventually I think ONGC Videsh should open an office in a tax haven." Chandra said from 2004, he expected net profit to rise tenfold to Rs 2.5 billion from Rs 240 million in the year ended March 31 because of income from a gas project in Vietnam in which it has a 45 per cent share. "We start generating profits of more than Rs 2.5 billion from 2004 from this property alone." He said he expected profit to soar after the Russian field, Sakhalin-1, began production in 2005. "My business plan says, only with the projects which are signed already, we should be generating profits of Rs 25 billion a year by 2010." The company is negotiating for exploration blocks in Iran, Iraq, Indonesia, Algeria, Libya and Venezuela. The firm is seeking opportunities abroad as the domestic output of state-run ONGC has been falling because its main oil fields are declining. ONGC itself plans to intensify its exploration efforts within the country and focus on deep offshore blocks in a bid to double its reserves to 12 billion tonnes in 20 years. ONGC, India's largest oil exploration firm, reported a net profit of Rs 147.66 billion and a turnover of Rs 556.14 billion in the three months to June 30.
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