ONGC signs MoU with CNPC
Dated : 26 June 2012 09:48:11 PM
A landmark MoU for hydrocarbon cooperation was signed between ONGC and CNPC (China National Petroleum Corporation), the global energy giants with strong international presence, by Mr. Sudhir Vasudeva, CMD, ONGC and Mr. Jiang Jiemin, Chairman, CNPC, on June 18, 2012 at New Delhi.
This MoU will be a crucial signpost for the economic powerhouses of India and China as both countries look to establish and consolidate their energy portfolios globally.
The companies have already set up a robust cooperative relationship, through their respective affiliates, mainly in the areas of upstream exploration and production business.
With this MoU, the companies have agreed to foster their cooperation either directly or through their subsidiaries by expanding cooperation in upstream E&P areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines.
The areas of cooperation between ONGC and CNPC will also extend to joint participation in suitable hydrocarbon projects in other countries of interest by exchanging information and working for mutual growth and benefit by extending cooperation in hydrocarbon sectors globally.
Speaking on the occasion, Mr. Sudhir Vasudeva, CMD, ONGC drew upon the positive and productive experience of working with CNPC in OVL’s international operations in Syria, Sudan and the Myanmar Pipeline Project where CNPC is a key participant. “It is important that henceforth we collaborate with more management engagement on important global assignments beyond the current projects so that the interests of both the companies are mutually served”, CMD noted.
Mr. Jiang Jiemin, Chairman, CNPC remarked, “ONGC’s achievements are truly impressive; its comprehensive E&P infrastructure is something that only a few companies worldwide can boast of and its strong financials are a cogent attestation of the efficient leadership at the top and sound fiscal management”. Both the companies emphasized that this MoU will go a long way towards establishing a strategic partnership.
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,