Gujarat Electricity Board pays ONGC for gas
ONGCs gas marketing office in Vadodara got richer by Rs32cr ($7m) this November after recovering the first instalment of a 20-year old outstanding payment from the Gujarat Electricity Board.
GEB owes ONGC Rs150cr ($40m) in outstanding payments for gas sold between 1st April 1982 and now. Of this, Rs86cr ($19m) is interest.
ONGC tells PETROWATCH that the second instalment of Rs31.88cr ($7m) will be paid by GEB on 30th November. It was difficult because we had to reconcile all the data and document from 1982 onwards.
ONGC is on a massive recovery drive to collect Rs6000cr ($1.3bn) in arrears from state-owned companies. Defaulters include IFFCO, Gujarat State Fertilisers, Gujarat Narmada Fertilisers and Vadodra Municipal Corporation.
Last August, ONGC recovered Rs5cr ($1m) from Jayant Paper Mills and GAIL after a settlement through the Bureau of Industrial and Financial Reconstruction.
