Aiming to invest Rs 30,000 crore in non-core businesses like oil refining and LNG terminals, state-owned Oil and Natural Gas Corp (ONGC) will create a director-level post on the company board to deal with subject. ONGC besides maintaining its leadership position in producing oil and gas in the country, has been investing selectively in non-E&P (exploration and production) business to triple its profit by 2030. Non-E&P business is projected to give 30 per cent of the company’s revenue by 2030 and the company feels this needs senior management attention and drive. With this background in mind, ONGC is creating a post of Director (Non-E&P), company sources said.
Read the Hindu Business Line news report here.