State-owned oil and gas company, Oil & Natural Gas Corporation (ONGC) has paid an interim dividend of Rs 2,961 crore to the Government of India (GoI). The company presented the dividend to the Petroleum Minister M Veerappa Moily for the year 2012-13. This represents dividend payment at 100% of the equity capital held by the government in ONGC.
ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.
