State-owned Oil and Natural Gas Corporation (ONGC) has inked a Memorandum of Understanding (MoU) with Japanese conglomerate Mitsui & Company on January 24, 2014 in New Delhi. The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.
In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.
ONGC is the national oil & gas exploration and production company with interest across the hydrocarbon value chain including LNG terminal, re-gasification and marketing infrastructure. Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 151 offices in 67 countries as of April, 2013.
