New Delhi: The Oil and Natural Gas Corporation Limited (ONGC) has entered into a term contract with Bharat Petroleum Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region. The contract aims at cementing the strong partnership between the two esteemed companies.
The signing ceremony took place at ONGC NBP Green Heights, Mumbai.
The contract comes after the government’s decision to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation mechanism.
BPCL Mumbai refinery has an age-old relationship with ONGC, processing their crude oil since 1976. With the advantage of being connected by pipeline, BPCL offers continuous logistical operations for ONGC.
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