ONGC improves its position on the Fortune 500 list

Oil and Natural Gas Corp (ONGC) is already the country’s biggest oil producer and they have now been ranked 402nd in the 2006 Fortune Global 500 listing.

This is an improvement from the last year’s 454 spot on this listing. This improvement is very impressive as the company continues to suffer from the subsidies rolled out by the government to keep oil prices low in the country.

ONGC improved by around 52 points from its last year’s listing of 454 as the turnover considered by Fortune rose 20.8 per cent to touch USD 16,609 million.

The profits were up 9% at USD 3,481.7 million and it helped ONGC to dominate the other Indian companies on the list.

The list has a new leader in the form of US major Exxon Mobil, which has now displaced Wal-Mart.