ONGC plans trading unit to handle crude and fuel from group companies
New Delhi: India’s state-run Oil and Natural Gas Corp (ONGC) is considering the creation of a trading unit to handle crude and refined fuel from its group companies, a senior ONGC Videsh official revealed at an industry gathering, Reuters reported.
The proposal is still in its early stages.
“An internal group has been formed to discuss and look into the modalities, including legal issues,” said Rajarshi Gupta, managing director of ONGC Videsh.
The new unit would enable ONGC to engage more directly in the buying and selling of crude oil and refined products.
Currently, ONGC produces around 42 million tonnes of oil each year, while its refining subsidiaries—Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals—together import nearly 45–50 million tonnes annually.
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