Will continue with capex plans: Shashi Shanker, ONGC chairman

NEW DELHI: Oil and Natural Gas Corp will not cut its investment plans despite a sharp fall in oil prices that’s expected to hit profit, ONGCNSE -1.01 % chairman Shashi Shanker has said.

“Profit will obviously be affected. But we are a national oil company and we are in it for the long haul. So we are not going to redraw our plans. We will continue to invest,” Shanker told ET in an interview. “We have seen several cycles. The last time when prices fell to $28 in 2016, we continued to invest.”