Oil and Natural Gas Corporation (ONGC) has inked pact with Mitsui & Company of Japan for a wide-ranging cooperation in the gas and LNG businesses. Both the companies signed a memorandum of understanding (MoU) on August 14, 2012. The company aims to set up a re-gasification terminal in the country besides marketing of re-gassified LNG trough this deal.
As per the agreement, ONGC and Mitsui will make efforts to source LNG from international suppliers on spot, short- and long-term contract basis. This is also aimed at meeting the rising demand for natural gas.
The company has reported a rise of 48.42% in its net profit at Rs 6077.70 crore for first quarter ended June 30, 2012 as compared to Rs 4094.90 crore for the same quarter in the previous year. The total income of the company has increased by 23.86% at Rs 21216.24 crore for Q1FY13 as compared Rs 17128.89 crore for the corresponding quarter previous year.
