ONGC To Partner With Mitsui To Build And Operate Two Ethane Carriers
The ethane carriers will be used to ship imported ethane to ONGC Petro Additions Ltd., a subsidiary of the company.
Oil and Natural Gas Corp. on Thursday signed a preliminary document for an agreement with Mitsui O.S.K Lines Ltd. to build two very large Ethane carriers.
The ethane carriers will be used to ship imported ethane to ONGC Petro Additions Ltd., a subsidiary of the company, according to an exchange filing. The shipped ethane will be for captive use as feedstock.
However, the agreement is subject to board approval, the oil and gas company added.
ONGC's Q4 Performance
ONGC's fourth quarter profit took a beating, due to higher expenses. The standalone net profit of the state-owned oil giant tanked nearly 22% to Rs 6,448 crore, compared to Rs 8,240 crore in the preceding quarter. The bottomline is far lower than the Bloomberg analysts' consensus estimate of Rs 8,810 crore.
Revenue from operations increased 3.8% to Rs 34,982 crore, while expenses rose 16% to Rs 28,289 crore. Operating income, or earnings before interest, taxes, depreciation, and amortisation, fell 0.3% year-on-year to Rs 19,007.5 crore. The Ebitda margin narrowed 220 points to 54.3%.
The board recommended a final dividend of Rs 1.25 per share for fiscal 2025, subject to approval of shareholders at the ensuing Annual General Meeting of the company.
Shares of ONGC closed 1.24% higher at Rs 244.05 on the NSE, compared to a 0.19% decline in the Nifty 50. The stock has fallen 11.16% in the last 12 months and risen 2.01% so far this year.
