Biggest Indian Oil Producer Seeks to Diversify to Withstand Supply Glut

Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, plans to diversify in refining, petrochemicals, LNG trading, and renewable energy as it expects lower oil prices amid a looming crude supply glut. “Globally, we are heading to a glut in oil supplies which means prices will reduce,” Arunangshu Sarkar, director for strategy at ONGC, told Bloomberg in an interview published on Tuesday. “It will be difficult for a company like ONGC to survive in a low oil-price…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com