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The Government has started working on finalising a new subsidy sharing formula for public sector oil exploration companies, Dharmendra Pradhan, Minister for Petroleum and Natural Gas, said on Monday.
“We are on the job. We are in discussions with the Finance Ministry. Last quarter, we suggested something. But for the final quarter, to make ONGC profitable a new thinking is required,” Pradhan said.
Meanwhile, on the issues of US imposing sanctions on Indian oil refiners for buying crude from Iran, Pradhan said: “India will take its own diplomatic stand on the issue. We will find out ways to ensure our companies don’t get affected. National interest is paramount but we will also ensure the companies don’t get adversely affected.”
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