Oil Industry JV Socar Trading Helps in Marketing ONGC Videsh Crudes

Editor: Dominik Stephan

ONGC Videsh Ltd and Socar Trading SA have signed a MoU on May 27, 2016 at Geneva, Switzerland. The objective of the MoU is to explore possibilities of joint marketing of ONGC Videsh’s crude oil portfolio by leveraging Socar Trading’s experience in oil trading.

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(Picture: WEG Wirtschaftsverband Erdöl- und Erdgasgewinnung e.V.)

New Delhi/India – The MoU was signed by Director (Finance), ONGC Videsh Ltd, SP Garg and CEO, Socar Trading SA, Arzu Azimov. Initially, both the parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh’s equity crude from ACG, Azerbaijan and based on the performance of this agreement both parties will mutually agree to optimize price realization of other crudes from ONGC Videsh’s portfolio either through Joint Marketing or joint venture route.