JOIN USDinesh K Sarraf on Saturday took over as the new Chairman and Managing Director of Oil and Natural Gas Corp (ONGC), the nation’s most profitable company.
Sarraf replaced Sudhir Vasudeva, who was denied a post-retirement one-year extension of service even though Oil Minister M Veerappa Moily had strongly pitched for it.
Prior to this, Sarraf was MD of ONGC Videsh.
Credited with reviving OVL, which had gone into a slumber following the disastrous acquisition of Russia-focused Imperial Energy in 2009, Sarraf brings to ONGC a no-nonsense approach and an eye for detail.
OVL, which since inception had invested $17 billion in 32 assets in 15 countries until 2011, struck deals worth over $11 billion since 2012 under Sarraf.
Sarraf was Director (Finance) at ONGC before moving to OVL in September 2011.
Sarraf is credited with helping ONGC win a royalty war with Cairn India. His homework on the Rajasthan contract, where ONGC held 30 per cent of the field and was forced to pay 100 per cent royalty and cess, led to Cairn India in 2011 finally agreeing to pay its share of the levies.