MOU
ONGC Videsh signs MOU with SOCAR Trading
New Delhi.NGC Videsh Limited and SOCAR Trading SA signed an MoU on 27th of May 2016 at Geneva. The Objective of MoU is to 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 S P Garg, Director (Finance) ONGC Videsh Limited and 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.
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