New Delhi : , Nov 18, 2018 – To develop a strategic alliance in a wide range of energy opportunities, Oil and Natural Gas Corporation Limited, a public sector oil and natural gas explorer, has signed a Memorandum of Understanding with Saudi Aramco, the world’s biggest oil company. To ensure that India has secure, competitive and reliable energy resources, the two companies are looking into long-term supply agreements for crude oil, refined petroleum, and petrochemicals.
The entities hope to use their affiliated companies in the strategic alliance.These include Mangalore Refinery and Petrochemicals Ltd., ONGC Petro-additions Ltd.(OPaL), and ONGC Mangalore Petrochemicals Ltd.OMPL of ONGC and Aramco Trading Company ATC (Saudi Aramco).
The strategic alliance will also allow them to explore low-carbon energy supply and demand.
Subhash Kumar, Chairman of ONGC and Managing Director (CMD), and Mohammed Yahya Al Qahtani, Senior Vice President at Saudi Aramco Downstream signed the MoU on Thursday.
Signing ceremony was held at Dubai Expo 2020’s Saudi Arabia Pavilion.
Kumar spoke on this occasion and stated that the MoU “further strengthens our bilateral Energy Relationship, which is one the cornerstones for the solid historical relations between India and Saudi Arabia.” The collaboration will enhance companies’ abilities, leverage our respective internal competencies and create value for all parties.It also provides a platform for expansion of cooperation in other areas.
Mohammed Yahya Al Qahtani stated: “This is a testimony to the strong, valuable relations between our economies and our countries.India is an important market for the Kingdom.We look forward to strengthening our mutually beneficial relationships through our global-scale trade network and competitive offer.
This will allow us to open up more opportunities for collaboration and expand our global reach.
ONGC, its affiliates are a prominent presence in India’s exploration, production, domestic refinement, petrochemicals and power.
ONGC Group operates a variety of businesses, including pipelines, LNG regasification terminals, and a few subsidiaries and joint ventures involved in energy-related business.
Saudi Aramco, a global integrated energy and chemical company, is engaged in the exploration, production and transportation of oil and petroleum products.
It also offers power generation, marketing, and logistics.
sn/pgh #ONGC #Saudi #Aramco #feedstock #Delhi
.
