ONGC FY07 net up 8% at Rs 15,643 cr

New Delhi, Jun 25 (UNI) State-run Oil and Natural Gas Corporation (ONGC) today said its net profit for fiscal 2006-07 jumped eight per cent to Rs 15,643 crore in comparison to Rs 14,431 crore during the last fiscal, despite shelling out highest-ever subsidy payout of Rs 17,025 crore during the year.

The company's turnover in the fiscal was up by 18 per cent to Rs 56,904 crore and the company declared a dividend of 310 per cent to its shareholders.

''The company's average realisation of crude for the year is at 44.22 dollar per barrel and we have offered a discount of 22.11 dollar per barrel,'' Chairman R S Sharma told reporters.

The company had offered a discount of about 17 dollar a barrel in the full year to March 2006, he said.

He said the group will invest Rs 1,21,318 crore in 11th Plan period (2007-12) compared to Rs 75,380 crore in the previous plan period.

OVL, the overseas investment arm of ONGC, will inject Rs 45,334 crore in the five years to 2012 in overseas acquisition and development of assets in comparison to Rs 25,052 crore in the 10th Plan.

''Our 11th five-year plan outlay is Rs 45,334 crore which we will spend on acquisitions and development of existing properties,'' OVL Managing Director R S Butola said.

The company had spend about Rs 25,500 crore overseas in the last five years, he said.

Group company MRPL will invest Rs 8,316 crore compared to Rs 765 crore in the previous plan.

When asked about the refinery to be set up in Rajasthan, Mr Sharma said that work is on and a decision on a pipeline to transport Cairn India's crude was likely this week.

''Initially, the refinery was supossed to be of 7.5 MT, but later on it worked out to be 3-4 MT. Now the administrative ministry says that only a pipeline will come up and decision would be taken on June 27,'' Mr Sharma said.

It will be decided whether a pipeline will be laid by ONGC and Cairn or a special purpose vehicle or a third party, he added.

Meanwhile, ONGC's fourth-quarter net profit fell 13 per cent at Rs 2,681.64 crore as against Rs 3,085.89 crore during the same quarter last year due to higher discount to refiners.

UNI