ONGC, HPCL to share infrastructure, products and expertise

Friday, 20 July 2007, 07:00 Hrs
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New Delhi: Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation Ltd (HPCL) has signed an agreement to share infrastructure, products and expertise.

Under the memorandum of understanding (MoU), ONGC, through one of its subsidiaries and its Tatipaka refinery in Andhra Pradesh would supply all grades of petroleum products to HPCL, after meeting its own and customers' requirements, said a ONGC statement Thursday.

"The MoU will synergise each other's strengths and enable both the corporations to consolidate their expanding business frontiers," said R.S. Sharma, chairman and managing director, ONGC.

In turn, HPCL would provide road and rail terminalling services under hospitality arrangements from its Mangalore, Hassan and Devanagunthi terminals, LPG Import Facility at Mangalore (MLIF) and also its facilities at Bangalore.
Source: IANS
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