SOCAR expands energy cooperation with Indian ONGC and MRPL

The State Oil Company of Azerbaijan (SOCAR) signed a memorandum of cooperation in the energy sector with Indian companies Mangalore Refinery and Petrochemicals Limited (MRPL) and Oil and Natural Gas Corporation Limited (ONGC).

This was reported by ONGC.

"SOCAR, MRPL, and ONGC signed a non-binding Memorandum of Understanding (MoU) on February 12 during India Energy Week to explore strategic opportunities in the energy sector. The document provides for cooperation in key areas such as crude oil and liquefied natural gas supplies, petroleum products sales and supplies, exploration of trading opportunities, as well as capacity building through knowledge exchange," the company said.

ONGC notes that this strategic partnership will strengthen its presence in Azerbaijan's oil and gas sector, particularly in the Azeri-Chirag-Gunashli (ACG) field development project and the Baku-Tbilisi-Ceyhan (BTC) pipeline project.

"The Memorandum of Understanding will allow ONGC and MRPL to expand their presence in the global energy market and will deepen cooperation between India and Azerbaijan in energy security," the company notes.

Currently, ONGC Videsh in Azerbaijan is a participant in the ACG project with a 2.925% stake, as well as in the BTC oil pipeline, owning 3.1%. MRPL is a refinery in Mangalore, a subsidiary of ONGC, established in 1988.