Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure as it aims to become a $100-billion integrated major with presence in almost entire hydrocarbon chain.
"We have suggested to the ministry of petroleum and natural gas for appointment to two vice chairmen to manage domestic and overseas business," ONGC chairman and managing director Subir Raha told reporters in New Delhi.
Under the plan submitted to the petroleum ministry, the ONGC chairman will have a vice chairman and managing director responsible for the firm's core exploration and production business and a similar set for its overseas businesses (ONGC Videsh Ltd).
Both the VC and MD will have a host of presidents or directors responsible for finance, exploration, projects and human resources reporting to them, he said.
ONGC, India's largest oil and gas producer, has ambitious plans to venture into oil refining with plans to build new refineries at Kakinada in Andhra Pradesh, Barmer in Rajasthan and Mangalore in Karnataka; petrochemical business with mega complex in Mangalore and Dahej in Gujarat, LNG import and shipping through a terminal at Mangalore, and power generation by building plants at Mangalore and Tripura.
Under the new corporate structure, ONGC's subsidiary Mangalore Refinery and Petrochemicals Ltd would continue to have a managing director directly reporting to the chairman.
"We have made our submissions. I hope the ministry takes a decision soon," Raha said.
ONGC suggested the new corporate structure to shed some workload of the chairman. Currently, the chairman presides over all domestic exploration and production, overseas as well as new area projects.
Sources said the company proposes to set up a corporate executive committee, similar to the board of directors, for corporate business planning, resource allocation and management interface.
The CEC would comprise of a chairman plus two vice chairmen, functional directors besides a nominee director each from the petroleum ministry and ministry of finance and six independent directors.
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