ONGC Videsh Ltd is looking to ship crude oil from Syria to India after the European Union imposed an embargo on oil imports from the African nation. OVL's majority owned unit ONGC Nile Ganga BV (ONGBV) holds 16.66% to 18.75% stake in four production sharing contracts, comprising 36 producing onland fields, operated by Syria's Al Furat Petroleum Co, which had to scale down crude oil output due to the EU sanctions.
European Union (EU) countries have imposed sanctions on Syria on September 3 after which European countries having contracts with Syria have stopped importing Syrian crude oil since then. EU oil import sanction prohibits only EU countries from importing Syrian crude oil. OVL is pursuing with Indian refining companies the feasibility of lifting of crude oil from Syria. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has stake in AI Furat project in Syria through its joint venture company Himalaya Energy Syria BV.
AI-Furat Petroleum Company (AFPC), the operating company for AI Furat Project in Syria, in which OVL has a stake -- had been producing 85,000 barrels per day. However, after the imposition of sanctions by the EU, all the operators in Syria had to cut down their production as evacuation of crude was getting difficult due to non-availability of shipping vessels as most of them are registered either in Europe or in the US. AFPC had to cut down its production to the level of 70,500 bopd from the middle of September, 2011. Currently, AFPC is producing 70,500 bopd.
| Company Name | CMP |
|---|---|
| ONGC | 245.45 |
| Oil India | 507.20 |
| Jindal Drilling&Inds | 744.70 |
| Hind Oil Exploration | 187.30 |
| Deep Industries | 504.55 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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