Garg gets extension as OVL director finance

Vol 16, PW 15 (21 Feb 13) News in Brief

ONGC Videsh (OVL) director finance SP Garg, 57, is a happy man.

Oil ministry and PESB officials on February 8 approved a three-year extension to Garg's term. He was earlier meant to step down on September 7, 2013 after completing five years in the job, but can now remain as director finance until he retires aged 60.

PESB officials reviewed Garg's performance reports over the past three years before reaching their decision. Garg took charge as director finance on September 10, 2008.

His extension means he can remain in the post until August 31, 2016. Garg joined ONGC's finance department 30 years ago as a trainee.

He unsuccessfully applied for ONGC director finance in October 2011, losing to AK Banerjee. Garg also lost the race for OVL managing director in June 2011, defeated by DK Sarraf.

OVL has operations in 15 countries and produced 8.753m tonnes of crude in 2011-12.