New Delhi: Oil & Natural Gas Corporation Limited (ONGC), India's largest national oil explorer, has entered into a Crude Oil Sale Agreement (COSA) with its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL), MRPL said in a post on X, formerly known as Twitter, on Wednesday. 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 March 31, 2024.
From ONGC's side, ED (Marketing) Sanjay Kumar and Chandermani, GGM (Impex and Shipping), MRPL, signed the agreement on behalf of the two entities. From MRPL, MD Sanjay Varma, Director (Finance) Vivek Tongaonkar, Executive Director (Projects) BHV Prasad, Executive Director (Refinery) Shyamprasad Kamath and other senior officers were present.
"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," said MRPL in a statement.