ONGC Videsh MoU
ONGC Videsh Limited and SOCAR Trading SA signed an MoU on May 27, 2016 at Geneva.
ONGC Videsh Limited and SOCAR Trading SA signed an MoU on May 27, 2016 at Geneva. The MoU will explore possibilities of joint marketing of ONGC Videsh's crude oil portfolio by leveraging SOCAR Trading's experience in oil trading. The MoU was signed by Mr S P Garg, Director (Finance), ONGC Videsh Limited, and Mr Arzu Azimov, CEO, SOCAR Trading SA. Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh's equity crude from ACG, Azerbaijan, and based on the performance of this agreement both parties will mutually agree to optimise price realisation of other crudes from ONGC Videsh's portfolio either through Joint Marketing or Joint Venture route.