ONGC Videsh, Oil India, KABIL sign MoU with UAE’s International Resources Holding for critical minerals

Oil India Limited (OIL), and Oil and Natural Gas Corporation Limited (ONGC) informed the stock exchanges on September 10 that OIL, ONGC Videsh Limited (OVL) and KABIL signed the MoU with IRH, UAE, for global cooperation in critical mineral supply chain. The companies said that the primary objective of the MoU is to collaborate, identify, acquire and develop critical mineral projects on a global scale.

The companies also said that they intend to leverage their expertise, resources, and networks to pursue opportunities which are mutually beneficial to them, achieve operational excellence and secure a stable supply of critical energy minerals. As a part of the agreement the companies will focus on project identification, conduct joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy.

ONGC Videsh is a wholly-owned subsidiary and overseas arm of ONGC. KABIL is a joint venture between National Aluminium Company Ltd. (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration & Consultancy Limited (MECL).

Earlier on September 1, OIL informed the exchanges that it has signed hook-up agreements with Indra Dhanus Gas Grid Limited (IGGL) for connecting OIL's natural gas fields in upper Assam with the Duliajan Feeder Line of the North-East Gas Grid. As a part of the agreement the two companies will also undertake evacuation of natural gas produced from OIL’s DSF block in Tripura through IGGL’s Agartala- Tulamura natural gas pipeline. The state owned company said that this agreement marks a step forward in OIL's vision of enhancing the energy infrastructure in the North-East region.

Shares of Oil India Ltd were trading at ₹590 apiece, down by 3.1%, on the NSE at 9:20 am. ONGC Ltd shares were trading 2% higher at ₹289.7 apiece on the NSE.