ONGC indicators pact with BP for oil exploration, buying and selling – India TV
Shares of state-owned Oil and Pure Fuel Company (ONGC) will probably be in focus when markets open on Tuesday as the corporate has signed a pact with international oil main BP to discover collaboration in exploration and manufacturing, buying and selling and different power vectors, in India and internationally.
The Memorandum of Understanding (MoU) comes inside a month of ONGC deciding on BP as a technical service supplier for elevating output from its flagship Mumbai Excessive oil and gasoline area.
“ONGC and BP have agreed to discover alternatives for collaboration and partnership throughout the power trade in India and internationally, targeted on oil and gasoline exploration and manufacturing, in addition to buying and selling and increasing to different power vectors,” the agency mentioned in a press release.
The 2 corporations signed a memorandum of understanding (MoU), on the eve of India Power Week, the premier power occasion in India.
The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Govt Vice President, William Lin, together with senior management from each organisations.
“Underneath the phrases of the MoU, BP will collaborate with ONGC to collectively discover and consider potential enterprise alternatives in oil and gasoline tasks each inside India and internationally,” the assertion mentioned.
The MoU additional encompasses strategic collaboration to create worth in buying and selling and in further power vectors, resembling carbon sequestration.
ONGC share value
In the meantime, the shares of ONGC ended the session in crimson. The counter closed at Rs 242.55 on the BSE – a lack of 2.59 per cent from the earlier shut of Rs 249. The market cap of ONGC, a constituent of the BSE 100 index, is Rs 3,05,134 crore. The 52-week excessive of the inventory is Rs 344.60 and the 52-week low is Rs 227.
ONGC share value historical past
The corporate has given a detrimental return of over 9 per cent in a single 12 months however a optimistic return of over 65 per cent in two years.
With PTI inputs
