ONGC to go ahead with investment plans

New Delhi: ONGC will go ahead with its investment plans despite the pressure on its margins due to steep fall in international crude prices.

Speaking to newspersons, ONGC Chairman and Managing Director, Mr R.S. Sharma, said,“Today’s price is not comfortable for us, as our margins are under severe pressure.” However, the company would stick to its investment plans.

The company plans to invest Rs 82,670 crore in five years to March 31, 2012. He said oil prices are $75 a barrel were reasonable levels for upstream companies to keep investing and ONGC would review its investment plans if the crude stays at current level for a longer time.