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IOC inks MoU with Oil and Natural Gas Corporation

16 Jun 2023 Evaluate

Indian Oil Corporation (IOC) has signed a memorandum of understanding (MoU) with Oil and Natural Gas Corporation (ONGC) at the India Habitat Centre in New Delhi on June 14, 2023 to explore downstream opportunities in petrochemicals, through greenfield projects and acquisitions.

The agreement aims to explore prospects in utilizing downstream business in ONGC and IOC (including their subsidiaries) and setting up assets, if feasible. Both the Maharatnas aim to scour and harness possibilities for using feedstock from both the companies and their subsidiaries to manufacture petrochemical products. The companies seek to jointly discover and search for global opportunities to enhance value creation from exports of refining and petrochemical yields as well as explore opportunities for collaboration in oil to chemicals and/or niche products.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

Indian Oil Corp. Share Price

142.20 -2.05 (-1.42%)
30-Apr-2026 16:59 View Price Chart
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Company Name CMP
Reliance Industries 1430.85
Indian Oil Corp. 142.20
BPCL 300.45
HPCL 374.60
MRPL 167.65
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