ONGC plans to set up trading unit for crude, petroleum products

Yeni Delhi: Oil and Natural Gas Corp. (OngC), according to a senior official, wants to establish a trade unit for oil and gas, petroleum products and petrochemicals produced by group companies.

Rajarshi Gupta, General Manager of Ongc Videsh Ltd (OVL), the Overseas Branch of OngC, said that trade will be key for the country’s oil and gas companies.

Gupta addressed the 3rd Energy Summit of the Indo-American Chamber of Commerce, “We created an commodity trade in Ongc, an oil and gas group,” he said. “We are moving with this and we see that in the near future, India should be traded with a lot of summit demand, especially with the increase in a lot of resources and economy.”

The plan said that at a conceptual stage and its scope can expand.

The global energy market is currently faced with significant volatility and uncertainty in the midst of geopolitical tensions, and supplying oil has become an important problem.

GUPTA, OngC produces about 42 mt (million tons) crude oil, Hindustan Petroleum Corp., a subsidiary. (HPCL) about 30-35 mt crude oil and Mangalorrhea refinery and petrochemicals Ltd (MRPL) said that it bought approximately 18-20 mt crude oil. And OVL products 10.5 mt Petroleum, told journalists among the event.

“As a group, OngC has real purchases and sales of approximately 100 mt. If we bring all this together and do something, it will be useful,” he said. “This is in the planning phase. A group to look at modalities has been established. In a conceptual stage. This will be supported by real production.”

Gupta also said that changing and innovative gas supply models in the energy market have been discussed.

“We have decided that we will supply about 5 million tons of LNG in Ongc, and this will be a combination of Henry Hub, raw -based LNG and multiple sources.”