New Delhi: ONGC has inked a performance contract for 2008-09 with ONGC Videsh Ltd (OVL). ONGC will be inking the annual memorandum of understanding for 2008-09 with the Government of India on March 26. Last week ONGC had inked the performance contract with MRPL (Mangalore Refinery and Petrochemicals Ltd) and on March 24 signed the contract with OVL. The weightage given to OVL when the first performance contract was inked for 2006-07 was 1 per cent in the ONGC and the nodal ministry MoU. Today it has increased to 6 per cent for 2008-09 indicating the increasing focus and the importance of OVL. While the assessment of OVL two years ago was only on financial perspectives, this year it includes a new parameter Project Implementation, linking OVL''s achievements in project implementation.
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