Oil India, OVL, and KABIL sign MoU with IRH, UAE
Partnership aims to boost the global energy minerals supply chain through project identification, risk management, and strategic planning.
Oil India, OVL, and KABIL Sign MoU with UAE’s IRH for Global Collaboration on Critical Mineral Projects
The MoU will work on collaboration, identification, acquisition and development of important mineral projects globally, including in India.
Indian state-owned companies Oil India, ONGC Videsh (OVL) and Kanij Bidesh India (Kabil) have announced that they have signed a Memorandum of Understanding (MoU) with International Resources Holding RSC. (IRH), UAE, for global cooperation in critical mineral supply chain.
The parties intend to leverage their respective expertise, resources and networks to pursue mutually beneficial opportunities, achieve operational excellence and secure a sustainable supply of critical energy minerals, Oil India said in a press release.
Under the terms of the MoU, the parties will work together in a joint and coordinated manner, and will undertake project identification, joint due diligence, collaboration on risk management strategies and formulation of a long-term offtake strategy.
Oil India is a state-owned Maharatna under the administrative control of India’s Ministry of Petroleum and Natural Gas. As on 30 June 2024, the Government of India holds 56.66% stake in the company.
The petroleum trading firm posted a 9.09% constant net profit of Rs 1,466.84 crore in Q1 FY25 as against Rs 1,613.43 crore posted in Q1 FY24. However, revenue from operations (excluding excise duty) rose 17.67% to Rs. 5,331.92 crore, up from Q1 FY25 at Rs. 4531.18 crores.
Oil India shares fell 5.15% to Rs 577.75 on BSE.
