Oil India inks MOU with HPCL

Oil India (OIL), State-owned explorer has signed a memorandum of understanding (MOU) with refiner Hindustan Petroleum Corporation (HPCL) to jointly pursue business in areas of mutual interest. Last week, the MOU was signed in the presence of Oil India Chairman and managing director and HPCL chairman and managing director.

E&P activities for hydrocarbons, city gas distribution, pipeline projects, greenfield refineries, research and development and any other area of common interest are the broad areas where both organizations could partner for business opportunities.

Oil India is a premier Indian National Oil Company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery.

HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.