The Hindu Business Line : ONGC declares 180% interim dividend

New Delhi, Dec. 22 State-owned Oil and Natural Gas Corporation Ltd (ONGC) on Saturday declared 180 per cent interim dividend amounting to Rs 3,850 crore.

“In absolute terms, this interim dividend works out to a pay-out of Rs 3,850 crore (on the post-bonus paid-up capital of Rs 2,139 crore), including Government’s share (74.14 per cent) of Rs 2,854 crore. In addition, ONGC will be paying a dividend tax, which works out to be Rs 654 crore,” an ONGC statement said after the company’s board meeting here.

In fiscal 2006-07 also, the company had declared an interim dividend of 180 per cent and an aggregate dividend of 310 per cent amounting to Rs 6,631 crore.

Mumbai project

The board has also approved the ‘2nd Pipeline Replacement Project’ along with necessary modifications, at a cost of Rs 2,553.25 crore, to be implemented over a period of three years. “After the implementation of the Mumbai Redevelopment Project, it is expected that the Mumbai Offshore fields will be producing up to 2030. Hence, there is a need to strengthen the pipeline network for oil and gas transportation,” it said.

The ONGC Board approved the Phase-III development of PY-3 (in Cauvery Offshore) field at a capex of $35.9 million (Rs 147.19 crore), which is 40 per cent of the total investment of $89.75 million. The company holds 40 per cent stake in the field – other stakeholders are HOEC (21 per cent), Tata Petrodyne (21 per cent) and Hardy Exploration & Production (18 per cent).

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