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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: India's ONGC Q2 profit slides six pct, hit by fuel subsidies AFP - Friday, October 31 NEW DELHI (AFP) - - India's biggest oil producer reported Thursday a surprise six percent drop in quarterly profit after its fuel subsidy burden tripled. State-run Oil and Natural Gas Corp, which has to sell its output at below market rates, said net profit for the July-to-September quarter slipped to 48.08 billion rupees (967 million dollars) from 50.97 billion in the same period a year earlier. Oil analysts had been expecting net profit of around 64 billion rupees. "Our gross realisation on crude oil sales in the second quarter was 119.39 dollars per barrel but after giving a discount of 72.67 per barrel to the (state-run) refiners our net realisation was 46.72 dollars per barrel," ONGC chairman R.S. Sharma said. The company, which produces nearly 80 percent of the nation's oil and gas, is obliged to sell fuel at high discounts to state-run refineries. The state-run refineries then sell diesel and petrol at cheaper rates to the public at the pump. The company's fuel subsidy burden soared to 126.6 billion rupees from 38 billion in the second quarter a year earlier. Sales grew 13.1 per cent to 174.92 billion rupees. Crude oil production slipped to 6.85 million tonnes from seven million tonnes last year. Gas output rose to 6.43 billion cubic metres from 6.35 billion cubic metres last year. The company plans to 196 billion rupees on exploration in the year ending March 31, 2009, an increase from 176.51 billion rupees the previous year. It reported five oil and gas discoveries in the second quarter. The company said it planned to press ahead with a 2.6-billion-dollar deal to buy Russia-focused Imperial Energy as it seeks new fuel sources to power the country's growing economy but that the deal was a "sensitive stage". The Press Trust of India reported earlier this week that India's Petroleum Minister Murli Deora was likely to visit Moscow next month to push for Moscow's nod for the takeover of the British-listed company. Russia's Government Commission on Monitoring Foreign Investment along with Federal Anti-Monopoly Service has to vet the purchase. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Stocks up on GDP report in relatively calm sessionAP - 2 hours 7 minutes ago Newell Rubbermaid 3Q profit falls 68 percentAP - 2 hours 52 minutes ago Commodities fall on recession concernsAP - 2 hours 57 minutes ago US diabetes rate doubles over 10 yearsAP - Friday, October 31 Macau lifts Wynn Resorts Q3 profit 14 pctReuters - Friday, October 31 Enlarge Photo India's ONGC Q2 profit slides six pct, hit by fuel subsidies Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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