HPCL signs MOU with ONGC

Hindustan Petroleum Corporation Ltd (HPCL) has announced that the Company and ONGC have signed a Memorandum of Understanding (MoU), covering Product Sale Purchase, Infrastructure Services and Co-operation in Energy & related fields. Shri Arun Balakrishnan, C&MD of the Company and Shri R S Sharma, C&MD of ONGC, inked the MOU on July 18, 2007 at New Delhi.

With the signing of MOU, MRPL, Mangalore and ONGC, Tatipaka will accord priority to the Company in product supplies. This is likely to help the Company in meeting their product deficits to a great extent and reduce dependence on imports.

ONGC / MRPL is likely to benefit from the infrastructure services the Company is extending to them from Mangalore, Hassan, Devangunthi Terminals. The Company shall further extend product / infrastructure assistance in more locations including Aviation Service Facilities.

The Company and ONGC have agreed to share their expertise in down stream and upstream sectors respectively, by providing training support to each others employees.

The Company and ONGC have also agreed to support each other and jointly evaluate possibilities of cooperation / collaboration in Oil Exploration, Refining, Marketing, Infrastructure Development, Petrochemicals and other energy and related ventures in India or abroad.

Source : Equity Bulls

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