Oil & Natural Gas Corporation Ltd.

ONGC Videsh (OVL), the overseas investment arm of public sector exploration major ONGC, has signed a memorandum of understanding (MoU) with SOCAR Trading SA to explore the possibility of joint marketing of the Indian firm’s crude oil portfolio.

ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.