The appointments committee of the union cabinet approved the appointment of Mr Sarraf, who at present is the Managing Director of ONGC Videsh Ltd, the overseas arm of ONGC. The Public Enterprises Selection Board (PESB) had recommended Mr Sarraf for the top job on August 30, 2013.
Mr. D.K. Sarraf (56) holds a graduate degree in Commerce from the prestigious Shri Ram College of Commerce, Delhi University and holds a post graduate degree in Commerce from the same University. He is an associate member of the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India.
Mr Sarraf assumed the charge of Managing Director and CEO of ONGC Videsh in September 2011. As Managing Director, ONGC Videsh Limited, he institutionalized systems and processes to ensure attainment of the committed targets. He has introduced ‘zero-based risk review’ mechanism for risk assessment in major acquisitions and mitigations of the risks. He laid emphasis on capability building and creating systems-based approach to OVL’s activities in general and business development in particular. , He accepted the challenge to grow current production of ONGC Videsh from 8MMToe to 20 MMToe by 2017-18 and to 60 MMToe by 2029-20 – unprecedented in the global E&P industry.
To accomplish this daunting task, he actively participated in the financial due diligence and price negotiations for company’s major acquisitions, like Block BC-10 Brazil, NEMED Block Egypt, AFPC Project Syria, MECL Project Columbia, Rovuma Area I Block in Mozambique offshore etc.; and guided the negotiating team for other acquisitions, resulting in substantial savings. He was awarded the CEPM-PMA fellowship on December 2, 2013 by the Project Management Associates – India (PMA – India).
Mr. Sarraf earlier worked in ONGC Videsh Limited as Director (Finance) during February 2005 to December 2007. During this period, ONGC Videsh made significant acquisitions in Syria, Brazil, Colombia, Venezuela, Cuba, Egypt and Myanmar. Mr Sarraf played key roles in negotiation and conclusion of these transactions. During this period, the Company saw significant increase in its activities, production, revenue and profits. In December 2007, he joined ONGC as Director (Finance).
