ONGC, HPCL sign MoU to share infrastructure, products and expertise

New Delhi, July 18 (UNI) State-owned Oil and Natural Gas Corporation Ltd (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL) today signed a memorandum of understanding (MoU) to share infrastructure, products and expertise.

ONGC, through its subsidiary MRPL and Tatipaka Refinery will supply all grades of petroleum products to HPCL in return of road and rail terminalling services under hospitality arrangements from HPCL's Mangalore, Hassan and Devanagunthi terminals, LPG Import Facility at Mangalore (MLIF) and ATF handling facilities at Bangaluru, Calicut and Goa ASFs.

Under the agreement, HPCL shall supply MS and HSD and extend infrastructure services to ONGC for delivery to ONGC-MRPL's retail outlets. In turn, ONGC will supply products (from its Tatipaka refinery) to HCPL customers in Visakh, Rajamundry, Vijayawada, Suryapet, Ghatkesar, Mumbai, Vashi, Loni, Hazarwadi and Pakni for evacuation and marketing by HPCL.

The MoU will facilitate entry of ONGC and MRPL into direct marketing of products.

The MoU points that in case of large volume strategic customers suiting specific logistics are there, both parties shall mutually agree for supplies on proportionate basis.

''The MoU will synergise each others strengths and enable both the corporations to consolidate their expanding business frontiers,'' ONGC Chairman and Managing Director R S Sharma said.

In addition, HPCL and ONGC will, either directly or through their JVCs/Associates/subsidiaries, co-operate on training and development and foray into oil exploration, refining, marketing, infrastructure development, petrochemicals and other energy-related ventures in India or abroad.

UNI