ONGC, Hinduja to jointly explore LNG opportunities
The joint ventures proposed will see majority holding by ONGC with 49.98 percent equity.
By PTI |
NEW DELHI: The state-owned exploration major Oil and Natural Gas Corporation Ltd (ONGC) and the London-based Hinduja group Tuesday entered into a pact to form joint ventures to pursue global opportunities in liquefied natural gas (LNG) and linked exploration business.
"The collaboration will leverage the exploration and production expertise of ONGC and the business-relationship advantage of the Hinduja group in the hydrocarbon-rich Middle East, with business prospectively benefits to both entities," ONGC said in a statement.
The memorandum of understanding (MoU) between ONGC and Ashok Leyland Project Services (ALPS), a Hinduja group firm, provides for sourcing of LNG at competitive terms, to be facilitated by ALPS.
"Pursuant to such sourcing, ALPS will be invited to participate in joint development of LNG-based downstream projects at the Mangalore SEZ (special economic zone) - like LNG regasification, power, petrochemicals, as conceptualised by the ONGC group," the exploration major stated.
The joint ventures proposed will see majority holding by ONGC with 49.98 percent equity, ALPS 48.02 percent and balance by financial institutions and banks.
Another MoU commits the two companies to partner in exploration activities.
"The collaboration will leverage the exploration and production expertise of ONGC and the business-relationship advantage of the Hinduja group in the hydrocarbon-rich Middle East, with business prospectively benefits to both entities," ONGC said in a statement.
The memorandum of understanding (MoU) between ONGC and Ashok Leyland Project Services (ALPS), a Hinduja group firm, provides for sourcing of LNG at competitive terms, to be facilitated by ALPS.
"Pursuant to such sourcing, ALPS will be invited to participate in joint development of LNG-based downstream projects at the Mangalore SEZ (special economic zone) - like LNG regasification, power, petrochemicals, as conceptualised by the ONGC group," the exploration major stated.
The joint ventures proposed will see majority holding by ONGC with 49.98 percent equity, ALPS 48.02 percent and balance by financial institutions and banks.
Another MoU commits the two companies to partner in exploration activities.
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