ONGC Videsh signs MOU with SOCAR Trading

31 May, New Delhi

ONGC Videsh Limited and SOCAR Trading SA has signed an MoU 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 at Geneva.

According to a press release issued here today, 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.

S P Garg, Director (Finance) ONGC Videsh Limited (Right) and Arzu Azimov, CEO, SOCAR Trading SA signing the MOU.

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company.

SOCAR Trading is the international marketing and development arm of SOCAR, the State Oil Company of Azerbaijan.