ONGC has announced a major leadership update and the launch of a new joint venture to optimize petrochemical operations. The Board of Directors has appointed Shri Yogish Nayak S. as the new Chief Financial Officer, effective May 1, 2026. Additionally, the company is spearheading a strategic 50:25:25 joint venture with MRPL and OPaL to integrate petrochemical marketing, while committing ₹79.48 crore in equity toward the Duliajan Feeder Line Project.
New Leadership Appointed
Effective May 1, 2026, Shri Yogish Nayak S. will assume the role of Chief Financial Officer for ONGC. Bringing over 30 years of extensive experience in corporate finance, Shri Nayak has a distinguished track record in the oil and gas sector. His previous experience includes serving as the CFO of MRPL and overseeing critical financial integration tasks, including the merger of subsidiary company OMPL and the implementation of SAP systems.
Strategic Petrochemical Joint Venture
ONGC has received board approval to form an Integrated Petrochemicals Marketing & Trading JVC in partnership with its subsidiaries, MRPL and OPaL. The shareholding structure is set at 50:25:25 respectively, with ONGC contributing ₹25 crore toward the equity share capital.
This initiative aims to streamline marketing operations, reduce overall costs, and boost revenues through improved pricing and logistical efficiencies. By focusing on grade optimization and expanding into third-party sales, the JVC is designed to address the nation’s import dependency in specific petrochemical segments.
Investment in Gas Infrastructure
The company continues to strengthen India’s gas infrastructure through support for the Duliajan Feeder Line Project under the North East Gas Grid. The board has sanctioned an equity investment of up to ₹79.48 crore and provided corporate guarantee support of up to ₹185.45 crore to Indradhanush Gas Grid Limited (IGGL). This project is a crucial component of the regional gas pipeline network, aligning with directives from the Ministry of Petroleum and Natural Gas.
Source: BSE
