GOVERNMENT SIGNS MOUs WITH ONGC AND
EIL FOR 2003-04
The Government has
signed Memorandum of Understanding (MOU) with Oil and Natural
Gas Corporation (ONGC) and Engineers India Limited (EIL). The
MOU was signed by Shri B.K. Chaturvedi, Secretary, MOP&NG,
on behalf of Government of India and Shri Subir Raha, CMD, ONGC
and Shri M.K. Dalal, CMD EIL on behalf of their respective PSUs.
Setting out the targets
for the fiscal year 2003-04, the target for crude oil production
by ONGC has been placed at 26.39 million metric tonnes (MMT) as
against the target of 25.90 MMT in the year 2002-03. The gas production
target has been placed at 23.32 billion cubic metres (BCM) against
the target of 23.70 BCM in the year 2002-03. The target for reserve
accretion in India and from acquisitions abroad has been placed
at 60 MMT of oil equivalent. The gross margin target for the year
2003-04 has been increased sharply to Rs. 15,133 crore from the
previous target of Rs. 10,974 crore.
In view of EIL’s
thrust for expanding overseas business, overseas business turnover
has been included for the first time as a performance parameter
in the MOU. The company is targetting a turnover (value of services
rendered) of Rs. 650 crore excluding sub-contract value in the
LSTK assignments with gross margin value of Rs. 135 crore. The
gross margin target for 2002-03 was Rs. 116.66 crore. Project
implementation and business to be secured from diversification
areas have been given due importance. Targets have been fixed
for timely execution of fifteen major projects including MNW Process
Platform and N11 & N12 Well Platforms of ONGC, Alumina/aluminium
Expansion of NALCO, Hydrocracker Project of BPCL, Hirakud Expansion
Project of INDAL, Vizag-Secunderabad LPG Pipeline of GAIL, Refinery
Expansion of CPCL, etc.
