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Asked why ONGC was not attending the quarterly performance review held by the Ministry, Mr Raha said December 2 had been fixed to review two quarters together for the current fiscal.

New Delhi , Nov. 25

THROWING the ball into the court of the Petroleum Minister, Mr Mani Shankar Aiyar, on the ongoing issue of Oil and Natural Gas Corporation (ONGC) not signing an memorandum of understanding with the nodal Ministry, the Chairman-cum-Managing Director of ONGC, Mr Subir Raha, said, "we shall make our submission on various issues to the Minister and we are confident that he will take a fair, objective and judicious view on the issues."

Mr Raha reiterated that the performance target the company was committing to in the MoU was approved by the Department of Public Enterprises (DPE) task force and production from its overseas assets was not included by the task force. "ONGC has signed an MoU in line with the target set by the task force appointed by the DPE," Mr Raha said.

The ONGC management has proposed a crude oil production target of 27.8 million tonnes but the Petroleum Ministry wants production from ONGC Videsh Ltd (OVL), the company's overseas arm, to also be incorporated in the MoU and the production target raised to 35 million tonnes. "The task force did not set any target for OVL," Mr Raha added.

Asked why ONGC was not attending the quarterly performance review held by the Ministry, Mr Raha said that December 2 had been fixed to review two quarters together for the current fiscal.

It may be recalled that the Petroleum Ministry has been raising the issues of corporate governance at ONGC. Mr Raha explained that as per the DPE guidelines, all PSUs were not eligible for signing the MoU. ONGC is a MoU signing company but OVL is not in that list. In fact, subsidiaries of Indian Oil Corporation and Bharat Petroleum are also not part of their respective MoUs. So why insist on only OVL, he asked.

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