Arun Kumar Singh appointed Chairman of ONGC for tenure of 3 yrs


Former BPCL chairman Arun Kumar Singh has been appointed as Chairman of Oil and Natural Gas Corporation (ONGC).

Vetsa Rama Krishna Gupta has taken over the additional charge of Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), post superannuation of Arun Kumar Singh.

Oil and gas producer ONGC has been without a regular chairman and managing director since April 2021. The senior most director on the board of the company has been charged with the additional charge. Since then, the firm has seen three interim heads.

The eligibility criteria for board-level position at PSU for an internal candidate should not be more than 58 years of age on the date of the vacancy. While, the eligibility for criteria external candidates is the maximum age of 57 years on the date of the vacancy.

The ministry changed the rules to state that any candidate to be eligible should not be more than 60 years. The vacancy arose on March 31, 2021.

State-owned Oil and Natural Gas Corp. (ONGC) has reported a 30% year-on-year (YoY) fall in its September quarter net profit to 12,825.99 crore, primarily because of the levy of windfall tax by the government to take away gains arising from the spurt in international oil and gas prices.

Revenue from operations surged 57.53% on year to 38,320.76 crore in quarter ended September 2022 from 24,353.61 crore a year.

The company scrip was trading 0.81 per cent down at 141.25 on BSE.

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