By Admin 
Oil and natural gas corporation: The US has now increased the baseline tariff of 25 percent imposed on India to 50 percent. This extra 25 percent has been applied as penalty for the purchase of oil from Russia. However, in the midst of all this, the government company Oil and Natural Gas Corporation (ONGC) said on Friday that it would continue to buy oil from Russia until they find it right to do so.
ONGC chairman Arun Kumar Singh says, there is no restriction on Russian oil yet. Till the government does not take any other decision, we will continue to buy. The company also said that if ONGC gets energy assets at the right price, it will consider acquiring them abroad as well.
ONGC’s 21 projects are running
The company’s two units- Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery & Petrochemicals regularly buy oil from Russia for their refineries. Meanwhile, the company is also planning to increase its domestic production in the current financial year. Currently, 21 projects are running, the estimated cost of which is around Rs 66,000 crore. Of these, there are nine development projects and the rest are projects related to infrastructure.
The company is looking for investment opportunities
ONGC Foreign Managing Director Rajarshi Gupta also said earlier that the company is considering investing in LNG and upstream assets in America. He further stated that the company is looking for more greenfield and brownfield assets in many other countries including Latin America, Africa and West Asia.
Taking the name of Latin America and Africa, he said, “We are looking for appropriate assets in America. We have three projects in Russia, but we are also considering other geographical areas.” He said that these countries have immense possibilities due to being rich in minerals. He hopes that in the near future, crude oil prices will be within the range of about $ 60 per barrel.
Ukraine increased war increased from Russia
Let us know that both India and China are the biggest buyers of oil from Russia. Since the war in Russia and Ukraine, India has increased the import of crude oil from Russia. According to the data of the Ministry of Commerce, where about 1.3 percent of India’s total oil imports came from Russia in the year 2018. At the same time, it increased to about 35 percent in FY 2024-25.
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