The Oil and Natural Gas Corporation Ltd (ONGC) has signed a memorandum of understanding (MoU) with China’s China National Petroleum Corporation (CNPC) to explore business opportunities together.
“With this MoU, the companies have agreed to foster their co-operation either directly or through their subsidiaries by expanding co-operation in upstream exploration and production 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,” ONGC said in a statement here on Tuesday.
The agreement assumes significance as both the countries look at establishing and consolidating their energy portfolios globally to meet domestic demand.
ONGC Videsh Ltd, the overseas subsidiary of ONGC, is already working in joint venture with CNPC in Syria, Sudan and the Myanmar pipeline project.