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Oil & Natural Gas Corporation (ONGC) and Petronet LNG (PLL) have entered into a 15-Years Ethane Unloading, Storage and Handling (USH) Services Binding Term Sheet (commencing between October – December 2028 and ending on the fifteenth (15th) anniversary of the commencement date).
PLL is developing ethane unloading, storage and handling (USH) facilities with ethane storage tank capacity of approx. 1,70,000 Cubic Meters at Dahej, Gujarat. PLL is also constructing a unique third jetty at Dahej which will be capable of handling Ethane and Propane in addition to LNG.
As per the term sheet, ONGC shall reserve capacity of approximately 600 KTPA at PLL's Ethane storage and handling facilities at Dahej, Gujarat. PLL shall receive, store and handle Ethane sourced and imported by ONGC/its subsidiary or affiliate(s) at Dahej, Gujarat and re deliver Ethane to ONGC at the Delivery Point. The term sheet shall form basis for definitive agreements between the parties.
As per the commitments under the binding term sheet, PLL is expected to earn a gross revenue of about Rs 5,000 crore over the total contract duration of 15 years. The transaction under the said term sheet shall commence from FY 2028-2029. It represents a significant milestone in PLL's strategic vision to develop and offer ethane import infrastructure to third parties, thereby expanding its business portfolio beyond LNG and strengthening its position in India's petrochemical and energy value chain. PLL's under-construction unique third jetty will facilitate unloading, storage and handling ethane, propane and LNG at Dahej and will be f irst-of-its-kind in India which shall be made available for third-party imports. This step of PLL underscores its commitment for enabling growth of downstream industries such as Petrochemical sector through world-class import infrastructure for ethane and propane in addition to its existing LNG regasification infrastructure.
As part of its long-term strategy to ensure a reliable and consistent supply of ethane to ONGC Petro Additions Limited (OPaL), ONGC plans to procure and import ethane—via Very Large Ethane Carriers (VLECs) of approximately 100,000 CBM capacity—on long-term, short-term and spot basis. This agreement provides ONGC with assured capacity booking for the import of ethane to meet the feedstock requirements of OPaL. ONGC's subsidiary, ONGC Petro Additions Limited (OPaL), operates one of India's largest petrochemical complexes located at Dahej, Gujarat, which includes a world-scale ethylene cracker unit using ethane as the primary feedstock.
RKEC Projects is primarily engaged in construction activities, specializing in the business of civil and defence construction such as construction of buildings, highways, marine works and bridges. The company reported a 54.4% decline in consolidated net profit to Rs 1.71 crore in Q2 FY26, compared with Rs 3.75 crore in Q2 FY25. Revenue from operations fell 59.6% year-on-year to Rs 31.03 crore in Q2 FY26.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of 30 September 2025. ONGC has reported a 5.4% rise in consolidated net profit to Rs 10,785 crore despite a 0.9% fall in gross revenue to Rs 1,57,911 crore in Q2 FY26 as compared with Q2 FY25. The counter shed 0.47% to Rs 245.75 on the BSE.
The company's 'BBB' issuer credit ratings and 'BBB' long-term issue credit rating on the US$300 million senior unsecured notes due 2029 the company issued, remain unchanged.
Petronet LNG Ltd lost 2.13% today to trade at Rs 273.05. The BSE Oil & Gas index is down 1.24% to quote at 28664.88. The index is up 5.06 % over last one month. Among the other constituents of the index, Oil & Natural Gas Corpn Ltd decreased 1.65% and Indraprastha Gas Ltd lost 0.6% on the day. The BSE Oil & Gas index went up 9.4 % over last one year compared to the 8.35% surge in benchmark SENSEX.
Petronet LNG Ltd has lost 2.43% over last one month compared to 5.06% gain in BSE Oil & Gas index and 1.76% rise in the SENSEX. On the BSE, 20733 shares were traded in the counter so far compared with average daily volumes of 6.15 lakh shares in the past one month. The stock hit a record high of Rs 349.2 on 30 Dec 2024. The stock hit a 52-week low of Rs 266.45 on 26 Sep 2025.
On a standalone basis, ONGC’s net profit has fallen by 17.8% to Rs 9,848 crore in Q2 FY26 from Rs 11,984 crore recorded in Q2 FY25.
Gross revenue for the period under review added up to Rs 33,031 crore, down 2.5% YoY.
The nominated crude oil price realization was Rs 5,876 per barrel in the second quarter, which is lower by 10.4% as compared with the same period last year. The company’s JV recorded realization of Rs 5,965 per barrel (down 8.6% YoY).
In Q2 FY26, a notable divergence in gas pricing was observed: Nomination gas prices rose 3.8% YoY to reach $6.75 per million metric British thermal units (MMBTU), while new well gas prices fell sharply by 11.3% YoY to $8.36 per MMBTU.
The company stated that gas from new wells is eligible for a 20% premium over the domestic APM gas price.
ONGC is actively working to boost output from such wells. During H1 FY26, revenue from new well gas stood at Rs 3,352 crore, delivering an additional Rs 651 crore revenue compared to the APM gas price.
On the production front, ONGC stated that it has been able to achieve increasing trend in crude oil production. The standalone crude oil production (excluding condensate) during Q2 FY26 was 4.630 MMT, registering a growth of 1.2% over corresponding periods of FY25.
It has also manage to arrest the degrowth in gas production. The decline, which was 0.35% YoY in Q1 FY26, has been brought down to 0.04% in Q2 FY26 over Q2 FY25. The total gas production for the September 2025 quarter was 4.918 billion cubic meters (BCM).
The board has approved interim dividend of 120%, i.e. Rs 6 on each equity share of Rs 5. The total payout on this account will be Rs 7,548 crore. The record date for distribution of dividend has been fixed for 14 November 2025.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held a 58.89% stake in ONGC as of 30 September 2025.
The scrip shed 0.24% to currently trade at Rs 250.75 on the BSE.