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.