Oil and Natural Gas Corporation (ONGC) has appointed Shri Yogish Nayak S. as the new Chief Financial Officer, effective May 1, 2026. In addition to this leadership transition, the board has approved the formation of an Integrated Petrochemicals Marketing & Trading Joint Venture with OPaL and MRPL, alongside a significant equity and guarantee commitment for the Duliajan Feeder Line project, aimed at bolstering India’s energy infrastructure.
Appointment of New Chief Financial Officer
The Board of Directors has officially approved the appointment of Shri Yogish Nayak S. as the company’s new Chief Financial Officer (CFO). A seasoned Chartered Accountant with over 30 years of professional experience in the oil industry, Shri Nayak brings deep expertise in corporate finance and strategic planning. He will assume his new role on May 1, 2026, bringing extensive knowledge from his previous leadership tenures at Mangalore Refinery and Petrochemicals Ltd. (MRPL).
Strategic Petrochemicals Marketing Venture
ONGC is set to enhance its market synergy by forming a new Joint Venture Company (JVC) alongside its subsidiaries, MRPL and OPaL. The shareholding structure for this initiative is established at a 50:25:25 ratio among ONGC, MRPL, and OPaL respectively. ONGC will contribute ₹25 crore as initial equity share capital. This JVC is designed to optimize petrochemical marketing, reduce logistics costs, and improve revenue through better pricing mechanisms and grade optimization, while also addressing import dependencies through new third-party sales opportunities.
Investment in Energy Infrastructure
To support the nation’s energy grid, the board has authorized a capital commitment for the Duliajan Feeder Line project, which is a key component of the North East Gas Grid. The approval includes an equity investment of up to ₹79.48 crore and corporate guarantee support of up to ₹185.45 crore for the Indradhanush Gas Grid Limited (IGGL). This investment underscores ONGC’s commitment to expanding critical gas infrastructure across the country in line with government directives.
Source: BSE
