Oil and Natural Gas Corporation (ONGC) has set up a Euro Medium Term Note (EMTN) programme of $2 billion which will be listed on Singapore Stock Exchange. An EMTN programme is an uncommitted facility and any drawdown thereof under this document would be subject to funding requirements. This programme will allow the company to access international bond markets opportunistically to meet their funding requirements.
This is landmark achievement for the company as it is amongst select few corporates and India's first Oil & Gas public sector integrated energy major to set up an EMTN programme.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.