ONGC,China National Petroleum Corp ink JV

ONGC described the agreement signed here as a landmark.

State-owned ONGC on Tuesday agreed to co-operate with China National Petroleum Corporation on hydrocarbon exploration,crude oil refining,distribution of petroleum products and in building oil and gas pipelines,the company stated here.

ONGC described the agreement signed here as a landmark and it comes in the wake of China’s reported objections to ONGC’s exploration activities in the South China sea,the spot of a territorial dispute between China and Vietnam.

The deal signed by ONGC Chairman Sudhir Vasudeva and CNPC Chairman Jiang Jiemin seeks to foster cooperation in upstream exploration and production,refining of crude oil and natural gas in midstream or downstream projects,marketing and distribution of petroleum products and in construction and operation of oil and gas pipelines.

Their cooperation will also extend to joint participation in hydrocarbon projects in other countries of interest. ONGC has been working with CNPC in Syria,Sudan and on the Myanmar Pipeline Project where CNPC is a key participant. It is important that henceforth we collaborate with more management engagement on important global assignments beyond the current projects so that the interests of both the companies are mutually served,ONGC stated quoting Vasudeva.

Stocks More on ONGC

Company INFO More on ONGC