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 31.3.2024.
ED Marketing ONGC Shri Sanjay Kumar and Shri Chandermani GGM (Impex and Shipping) MRPL signed the agreement on behalf of the two entities.
From MRPL, Shri Sanjay Varma MD, Shri Vivek Tongaonkar Director Finance, Shri BHV Prasad Executive Director Projects, Shri Shyamprasad Kamath Executive Director –Refinery and other senior officers were present.
ONGC was also represented by CGM Marketing Shri HM Patwardhan and Ms 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.