ONGC Videsh Ltd has signed a memorandum of understanding with SOCAR Trading SA to explore the possibility of joint marketing of the Indian firm’s crude oil portfolio. “Initially, both parties agreed to initiate discussion on a Joint Marketing Agreement in respect of ONGC Videsh’s equity crude oil from ACG, Azerbaijan, and based on the performance of this agreement both parties will mutually agree to optimise the price realisation of other crudes from ONGC Videsh’s portfolio either through the joint marketing or joint venture route,” an official statement said. The MoU was signed on May 27 at Geneva by S P Garg, Director (Finance) of ONGC Videsh Ltd and Arzu Azimov, CEO of SOCAR Trading.
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