November 18, 2021
2 mins read

ONGC, Saudi Aramco ink feedstock and marketing deal

The MoU was signed by ONGC Chairman and Managing Director (CMD) Subhash Kumar and Saudi Aramco Senior Vice President of Downstream Mohammed Yahya Al Qahtani…reports Asian Lite News

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.

ONGC, Saudi Aramco ink feedstock and marketing deal

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.

They also look forward to exploring low carbon energy demand and supply as part of this strategic alliance.

The MoU was signed by ONGC Chairman and Managing Director (CMD) Subhash Kumar and Saudi Aramco Senior Vice President of Downstream Mohammed Yahya Al Qahtani on Thursday.

The signing ceremony took place at the Saudi Arabia Pavilion at Dubai Expo 2020.

Speaking on the occasion, Kumar said: “This MoU further strengthens our bilateral energy relationship, which is one of the cornerstones of the solid historical ties between India and Saudi Arabia. This collaboration will bolster companies’ capabilities, leveraging our respective in-house competencies while creating value for all stakeholders and offering a framework for expanding the cooperation in other energy-related areas.”

Mohammed Yahya Al Qahtani said: “This ceremony is a testament to the strong and valuable relations between our economies, our countries and our people. India is a strategic and significant market of the Kingdom and we look forward to enhancing our synergies by providing mutually-beneficial opportunities through our global-scale trading network and system with a competitive offering. We hope this will open more areas of collaboration in the future to expand our global footprint.”

ALSO READ: Saudi to establish first non-profit city in world

ONGC and its affiliates have a significant presence in exploration and production, domestic refining, petrochemicals, power and renewables in India. ONGC Group has a diversified line of business such as pipelines, LNG re-gasification terminals and a number of subsidiaries and joint ventures in energy-related businesses.

Saudi Aramco is a leading integrated energy and chemicals company engaged in oil exploration, production, transportation, refining, logistics, power generation and marketing of crude oil, petroleum and petrochemical products, with a strong network of affiliates and joint ventures.

Previous Story

Another ‘killer’ pandemic grips US

Next Story

Pak decision on India’s wheat still pending

Latest from Arab News

GAZA KILLINGS: War Crime?

Mobile Phone Footage Casts Doubt on Israeli Account of Ambulance Attack in Gaza Newly surfaced mobile phone footage has raised serious questions about the Israeli military’s justification for opening fire on a

GCC condemns Israeli airstrikes in Syria

GCC SG Jasem Mohamed Albudaiwi affirmed that these airstrikes represent a continuation of efforts by the Israeli occupation forces to undermine and destabilise regional and international security Secretary General of the Gulf

Trump due in Saudi, UAE amid new tariffs

The GCC bloc, which includes the UAE, Saudi Arabia, Oman, Kuwait, Qatar, and Bahrain, has been hit with a 10% tariff, placing them among the lower-tiered rates US President Donald Trump has

Pakistan Day celebrated in Oman

On the occasion of Pakistan Day on March 23, a grand ceremony was held at the Embassy of Pakistan in Muscat, Oman.  The ceremony began with the recitation of the Holy Quran

Cleveland Clinic, G42 revolutionise healthcare with AI

The collaboration aims to enhance patient care, drive medical innovation, and optimise healthcare operations through AI-powered solutions In a groundbreaking partnership, Cleveland Clinic and Abu Dhabi-based artificial intelligence (AI) leader G42 have
Go toTop

Don't Miss

Abdullah meets American Jewish Committee members

The UAE’s top diplomat and AJC members reviewed cooperation within

British Sikhs laud Modi govt

Amid heightened activities by Khalistanis, the UK Sikh community has