Petrochemical Industry ONGC Signs Agreement With China National Petroleum
ONGC has signed a MoU for hydrocarbon cooperation with CNPC (China National Petroleum Corporation). This MoU will be a crucial signpost for the economic powerhouses of India and China as both countries look to establish and consolidate their energy portfolios globally.
New Delhi/India – The companies have already set up a robust cooperative relationship, through their respective affiliates, mainly in the areas of upstream exploration and production business.
With this MoU, the companies have agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream E&P areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines.
Cooperation in Petrochemical Projects
The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally.
Positive Experience from Pipeline Project
Speaking on the occasion, Sudhir Vasudeva, CMD, ONGC drew upon the positive and productive experience of working with CNPC in OVL’s international operations in Syria, Sudan and the Myanmar Pipeline Project where CNPC is a key participant. “It is important that henceforth we collaborate with more management engagement on important global assignments beyond the current projects so that the interests of both the companies are mutually served”, CMD noted.