ONGC to Keep Buying Russian Oil if Profitable, Says Chairman

State-run Oil and Natural Gas Corporation (ONGC) said it will keep buying Russian oil as long as it makes business sense. “There are no sanctions on Russian oil. We will continue unless the government decides otherwise,” ONGC Chairman Arun Kumar Singh stated.

ONGC Units Buying Russian Oil

ONGC’s subsidiaries, Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals, regularly purchase Russian crude for their refineries despite additional tariffs.

Domestic Projects and Investments

India’s largest oil and gas explorer is working on 21 projects worth about ₹66,000 crore, including 9 development projects and several infrastructure-related ones.

Overseas Expansion Plans

ONGC also plans to acquire energy assets abroad if prices are attractive. Its overseas arm, ONGC Videsh, is exploring LNG and upstream opportunities in the US, while also scouting for assets in Latin America, Africa, and West Asia.

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Oil Price Outlook

Chairman Singh expects global crude oil prices to remain around $60 per barrel in the near term.

ONGC Share Price Movement

Oil and Natural Gas Corporation share price (NSE: ONGC) is trading at ₹236.31 as of 12:40 pm on September 1, 2025, up 1.11%. The stock opened at ₹234.00 and touched a high of ₹236.39 and a low of ₹233.07 during the session. ONGC has a market capitalisation of ₹2.97 lakh crore, a P/E ratio of 8.25, and a strong dividend yield of 5.18%. The company’s 52-week range stands between ₹205.00 and ₹331.95. It also offers a quarterly dividend payout of ₹3.06 per share.

Conclusion

ONGC is set to maintain Russian oil imports as long as they are profitable, while ramping up domestic projects and exploring global energy opportunities. This strategy reflects ONGC’s focus on balancing affordability, supply security, and expansion.

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