ONGC signs term contract with BPCL for sale of crude oil
New Delhi: Oil and Natural Gas Corp. Ltd. (ONGC) has inked a term contract with Bharat Petroleum Corp.
Ltd. (BPCL) for the sale of crude oil from the Mumbai region, the company said in a statement on Thursday. The signing ceremony took place at ONGC NBP Green Heights, Mumbai, with key representatives from both companies in attendance.
ONGC’s Executive Director - Chief Marketing, Sanjay Kumar, and BPCL’s Executive Director (IT), Manoj Heda, were among the dignitaries present at the event. The contract follows the Indian government’s decision to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation mechanism. Under the new regime, ONGC had initiated the first-ever e-auction of Mumbai Offshore crude oil.
BPCL’s Mumbai refinery has a longstanding association with ONGC, processing their crude oil since 1976. The pipeline connection between the two entities facilitates seamless logistical operations, making BPCL an ideal partner for ONGC’s crude oil sales. As the energy market dynamics continue to evolve, ONGC remains steadfast in its pursuit of innovation and excellence in the sector, reinforcing its position as a key player in India’s oil and gas industry.
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