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Govt gets Rs 2687 crore oil dividend

New Delhi, Feb. 6: National oil majors—Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation, Oil India Ltd (OIL), Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Gail—today paid a Rs 2,687 crore interim dividend to the government. The special dividend will be used by the government to foot the LPG and kerosene subsidy bills.

The chairmen of the six companies presented their respective cheques to petroleum minister Ram Naik.

ONGC took the lead with a payout of Rs 2,039 crore which represents 170 per cent of the government’s equity. Indian Oil ranks next with Rs 319 crore and represents 50 per cent of the government’s equity. The third highest payment was made by Gail with an interim dividend of Rs 171 crore at 30 per cent equity.

OIL paid out Rs 80 crore followed by BPCL and HPCL which presented cheques of Rs 40 crore and Rs 35 crore respectively.

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