ONGC, Saudi Aramco sign feedstock and marketing MoU

In a notable development, the Oil and Natural Gas Corporation (ONGC) has signed an MoU with Saudi Aramco for feedstock and marketing. The two companies will look into the 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 expect to utilise their affiliates – Mangalore Refinery and Pet­ro­­chemicals Limited, ONGC Petro additions Limited and ONGC Manga­lore Petrochemicals Limited of ONGC, and Aramco Trading Company of Saudi Aramco – in this strategic alliance.