Mangaluru, Sep 27: India’s largest national oil explorer, Oil & Natural Gas Corporation Ltd (ONGC) has inked the crude oil sales agreement (COSA) with Mangalore Refinery and Petrochemicals Limited (MRPL) which is the largest single-location PSU refinery in the country. The agreement has been signed by the two entities for the sale and purchase of crude oil. The current agreement between ONGC and MRPL will be applicable till March 31, 2024.
ED marketing ONGC Sanjay Kumar and Chandermani GGM (Impex and Shipping) MRPL signed the agreement on behalf of the two entities.
From MRPL, Sanjay Varma MD, Vivek Tongaonkar director finance, BHV Prasad executive director projects, Shyamprasad Kamath executive director – refinery and other senior officers were present.
ONGC was also represented by CGM Marketing HM Patwardhan and Payal Bhambri DGM finance.
This agreement between the two group companies is expected to bring synergy and is expected to streamline the sale and purchase transactions of crude oil from ONGC’s fields in Mumbai High.