ONGC Signs MoU With Ministry Of P&NG For FY 2007-08

Oil & Natural Gas Corporation Ltd (ONGC) has announced that the Company has signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum & Natural Gas, agreeing on a set of Performance Parameters and targets for the financial year 2007-08. The MoU was inked by Mr. M S Srinivasan, Secretary, MoP&NG and Mr. R S Sharma, CMD, ONGC in the Ministry on March 29, 2007. The FY 2007-08 MoU has also doubled the weightage on subsidiary management (OVL and MRPL) from 2% to 4%.Since the introduction of the MoU, the Company has consistently performed well in its score card and has been rated Excellent thrice during the last five years. It secured a Composite MoU score of 1.43 in the MoU Performance Evaluation in FY 2006-07 based on audited results.