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ONGC-MRPL ink pack on crude oil sale agreement



Updated On - Monday, 26 August 2013

 7 August 2013

MANGALORE: ONGC, and Mangalore Refinery and Petrochemicals Limited (MRPL) a subsidiary of ONGC have signed a crude oil sale agreement. This is significant for both ONGC and MRPL as it is a first and also due to parent- subsidiary relationship. The manner in which COSA was worked out cements strict corporate governance practiced by ONGC as it was closed at 'arms length' and on par with regulations applicable to OMCs.

Yash Malik, group general manager (chief marketing) and Pankaj Agarwal, general manager (IT) signed the agreement in the presence of Sudhir Vasudeva, chairman, ONGC group of companies, K S Jamestin, director (human resources), A K Banerjee, director (finance), P K Borthakur, director (offshore) i/c marketing and Vishnu Agarwal, director (finance), MRPL. The COSA covers supply of MH Crude from JNPT/JD and offshore platform.

The approximate value of the crude envisaged to be supplied over a five year period is Rs. 38,500 crore. ONGC supplies about 11-12 % of MRPL's crude requirement. While acknowledging the contributions of corporate marketing group, ONGC commercial group, ONGC and international trade group of MRPL, chairman and board of directors of ONGC, and MRPL expressed their compliments on the occasion for a win-win situation.

ONGC has already signed COSA with BPCL, HPCL, IOCL and CPCL and this marks the completion of COSAs with major buyers of ONGC domestic crude oil. This COSA between ONGC and MRPL has been concluded for first time. Until now, sales were affected through MOU signed in March 2003, which expired in March 31, 2004 after which it became important for two entities to enter into a full-fledged commercial agreement for crude oil sale.

Published by: The Times Of India

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