Indian Maharatna Public Sector Enterprise ONGC and Japanese conglomerate Mitsui & Co. signed a memorandum of understanding (MoU) in January at New Delhi. The MoU provides for co-operation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.
The agreement was signed by Masami Iijima, President and CEO of Mitsui and Sudhir Vasudeva, CMD, ONGC. The MoU signing ceremony was attended by senior officials from both the companies. Earlier, 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 entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.
