New Delhi: Pomila Jaspal has taken over as Director (Finance) of Oil and Natural Gas Corporation (ONGC) on Tuesday. Prior to this, Jaspal was serving as Director (Finance) in Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC, since October 2019. She has also served as Director on the Board of ONGC Mangalore Petrochemicals Limited (OMPL), Petronet Mangalore Hassan Bangalore Limited (PMHBL) and ONGC Petro additions Limited (OPaL). With her appointment, Jaspal becomes the first women Director (Finance) of the oil Maharatna PSU.
Jaspal is a fellow member and gold medalist of the Institute of Cost Accountants of India. She is a recipient of the Late Mrs Dhanpati Goel Gold Medal from the Institute. She has obtained a degree in B Com (Hons) from MCM DAV College, Chandigarh, and M Com from Punjab University.
She has 36 years of experience across varied segments of the oil and gas industry, encompassing operating, regulatory and policy aspects of upstream and downstream industry. She was instrumental in the merger of OMPL with MRPL, paving the way for synergy and integration benefits for the ONGC Group. As Director (Finance) of MRPL, she focused on the restructuring of the borrowing portfolios leading to a lower effective rate of interest. She steered MRPL's maiden Non-Convertible Debenture (NCD) issue worth Rs 3,000 crore and also ventured into the commercial paper market at the opportune time that could generate funds at very competitive rates. In addition, she also facilitated the settlement of many issues on merit under the Sabka Vishwas Scheme for Indirect Tax, as well as under Vivad Se Vishwas Scheme for Direct Tax.
Jaspal joined ONGC in 1985 as Finance & Accounts Officer and rose to the position of Executive Director, Chief Corporate Finance where she handled varied assignments, including corporate finance functions such as Direct tax, Indirect tax, Investor relations, Corporate Budget & Project Appraisal, etc. During her tenure in ONGC, she handled responsibilities in diversified roles at Corporate Office, Dehradun, Mumbai, Assam and ONGC Videsh. She was the first woman to become Head Finance of Assam Asset and handled this challenging assignment for four years. She also has the rich exposure of working in ONGC Videsh Ltd where she handled finance of various assets like Sakhalin, South Sudan, Kazakhstan, and Colombia etc. and steered smooth buyout of Azerbaijan Asset.
Jaspal also worked at the Directorate General of Hydrocarbons (DGH) – the regulatory arm of the Ministry of P&NG, in its formative years and was instrumental in developing the model Production Sharing Contracts (PSC), which resulted in the signing and awarding of blocks to various private and JV companies. She also steered international arbitrations involving huge government stakes. Jaspal also worked in the Contract Cell of MoPNG, with exposure to different areas of gas pricing, gas utilization policy, and formulation of policies for smooth implementation of PSCs and monitoring the royalty and profit petroleum to the Government.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)