State run, Oil and Natural Gas Corporation (ONGC) has entered into partnership with China’s China National Petroleum Corporation (CNPC) by signing a memorandum of understanding (MoU) to explore business opportunities together.
As per the deal, both the companies aim to expand their co-operation either directly or through their subsidiaries in upstream exploration and production areas, refining or processing of crude oil and natural gas in midstream or downstream projects, marketing and distribution of petroleum products and construction and operation of oil and gas pipelines.
ONGC’s overseas subsidiary - ONGC Videsh, is already working in joint venture with CNPC in Syria, Sudan and the Myanmar pipeline project.
