ONGC, OIL, KABIL ink pact with UAE firm for critical minerals

ONGC Videsh, Oil India and Khanij Bidesh India (KABIL) have signed a preliminary pact with International Resources Holding RSC of the UAE to jointly acquire and develop critical mineral projects worldwide.

"The parties aim to leverage their expertise, resources and networks to pursue mutually beneficial opportunities, achieve operational excellence and secure a stable supply of critical energy minerals," ONGC Videsh said in a statement.

"The agreement outlines a cooperative and coordinated approach, focusing on project identification, joint due diligence, risk management and developing a long-term offtake strategy," it added.


India, US and many other countries have woken up to the need of developing a critical minerals supply chain that's currently dominated by China. With the rise of renewables and battery, the requirement of critical minerals has sharply grown in recent years.