BPCL, MMTC sign MoU to expand business in Hydro-Carbons
Mumbai, Mar 29 (UNI) Two public sector undertakings, Bharat Petroleum Corporation Ltd (BPCL) and Minerals&Metals Trading Corporation( MMTC) have decided to work together in the area of domestic and international marketing of hydro-carbon by leveraging their core business strength in the global commodity trading.
Informing the BSE, BPCL said a Memorandum of Understanding (MOU) to this effect was signed in New Delhi, by Mr M P Gupta, director (marketing), MMTC and Mr C K Sengupta, executive director (international trade), of the company in the presence of Mr S D Kapoor, CMD, MMTC and Mr Ashok Sinha, CMD of BPCL.
MMTC, with an annual turnover of over Rs 15,000 crore and an operational outfit at Singapore, has a large customer base for various commodities including petroleum/petro-chemical products, whereas BPCL has captive production base to supply these items from India.
The company, having vast experience in import/export of hydro-carbons, is desirous of adding value by expanding its horizon with the help MMTC.
Both the companies use their network plan to expand trading not only for India-based operations but also in operating third country trade.
BPCL has a long experience in handling LNG through their association with Petronet LNG at Dahej LNG terminal (in operation) and Kochi LNG terminal (under implementation).
Under this MOU, the company will be associated with MMTC in all related activities concerning domestic and international marketing of hydro-carbon products such as Liquefied Natural Gas (LNG), Bitumen, Furnace Oil, Parafin Wax, Base Oil etc. Both the companies will together set up LNG terminal at Paradip and work on the import and marketing of gas through this terminal.
MMTC, in turn, will provide storage facilities to the company on mutually agreed commercial terms and conditions at Free Trade Warehousing Zones being promoted by it at various locations. MMTC's subsidiary in Singapore will be available to the company for purchase/sale of crude oil and petroleum products, chartering of vessels, derivative transactions and any other related activities.
UNI SN KU SKB2004