To explore a strategic alliance on a broad range of energy prospects, public sector oil and gas explorer Oil and Natural Gas Corporation Limited (ONGC) has inked a Memorandum of Understanding (MoU) with world’s largest oil company Saudi Aramco.
The two energy companies will look into long-term supply contracts for the sale and purchase of crude, refined petroleum and petrochemical products to create secure and competitive energy sources for the Indian market.
Both the entities also hope to utilize their affiliates in this strategic alliance, namely; Mangalore Refinery and Petrochemicals Ltd. (MRPL), ONGC Petro-additions Ltd. (OPaL) and ONGC Mangalore Petrochemicals Ltd. (OMPL) of ONGC and Aramco Trading Company (ATC) of Saudi Aramco.
