i Develop Stocks Advisory

ONGC to cover Rs 38,000 cr revenue losses of govt Oil & Natural Gas Corporation (ONGC), would cover as much as Rs 38,000 crore ($8.8 billion) in revenue losses incurred by the government owned oil marketing and refining companies in the current financial. RS Sharma, chairman, ONGC said to an international news wire at the Asia Oil and Gas Conference in Kuala Lumpur. Last year ONGC had covered Rs 22,000 crore losses in revenue by the government through the oil marketing companies. "The surge in crude oil prices is very disturbing and rather alarming especially for growing economies like India,'' said Sharma in the interview. "I expect oil prices to go up to $150 a barrel if there are supply disruptions.''