ONGC Inks Marketing Freedom Regime Contract With BPCL For Crude Oil Sale
Oil and Natural Gas Corporation (ONGC) has entered into a term contract with Bharat Petroleum Corporation (BPCL) for the sale of crude oil from the Mumbai region.
The signing ceremony took place at ONGC NBP Green Heights, Mumbai, between ONGC ED- Chief Marketing Sanjay Kumar, and BPCL ED (IT) Manoj Heda, in the presence of ED-Western Offshore C Mathavan, Asset Managers of Mumbai region, Plant Manager- Uran and ED- Chief Commercial.
The contract comes after the government of India’s decision to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation mechanism. ONGC has swiftly adapted to the new regime and successfully initiated the first-ever e-auction of Mumbai Offshore crude oil.
BPCL Mumbai refinery has a longstanding association with ONGC, processing their crude oil since 1976. With the advantage of being connected by pipeline, BPCL offers seamless logistical operations for ONGC.
As the energy market dynamics continue to evolve, ONGC remains steadfast in its pursuit of innovation and excellence in the sector, reinforcing its position as a key player in India’s oil and gas industry.
