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ONGC-MRPL ink pack on crude oil sale agreement
  MANGALORE: ONGC, and Mangalore Refinery and Petrochemicals Limited (MRPL) a subsidiary of ONGC have signed a crude oil sale agreement. This is significant for both ONGC and MRPL as it is a first and also due to parent- subsidiary relationship. The manner in which COSA was worked out cements strict corporate governance practiced by ONGC as it was closed at 'arms length' and on par with regulations applicable to OMCs.

Yash Malik, group general manager (chief marketing) and Pankaj Agarwal, general manager (IT) signed the agreement in the presence of Sudhir Vasudeva, chairman, ONGC group of companies, K S Jamestin, director (human resources), A K Banerjee, director (finance), P K Borthakur, director (offshore) i/c marketing and Vishnu Agarwal, director (finance), MRPL. The COSA covers supply of MH Crude from JNPT/JD and offshore platform.

The approximate value of the crude envisaged to be supplied over a five year period is Rs. 38,500 crore. ONGC supplies about 11-12 % of MRPL's crude requirement. While acknowledging the contributions of corporate marketing group, ONGC commercial group, ONGC and international trade group of MRPL, chairman and board of directors of ONGC, and MRPL expressed their compliments on the occasion for a win-win situation.