USD 63.7606

-0.19

EUR 71.1696

+0.04

BRENT 59.06

+0.01

AI-92 42.28

+0.01

AI-95 46.04

+0.01

AI-98 51.75

0

Diesel 46.25

-0.01

21

ONGC Renews Talks with Oil India to Deliver Assam Crude

This MoU will be valid for five years from April 2007 to March 2012

Two Indian majors Oil and Natural Gas Corporation Ltd. and Oil India Ltd. today renewed their MoU for transportation of ONGC's Assam Crude from its installations at Lakwa, Galeki, Rudrasagar and Borholla through pipe-lines owned and operated by Oil India.

This MoU will be valid for five years from April 2007 to March 2012. The earlier MoU, which was brought on place as a consequence of deregulation of APM regime, was valid for five years from April 2002 to March 2007. Both companies agreed that this MoU will be converted into an agreement COTA (Crude Oil Transportation Agreement) in six months.

ONGC and Oil India are the two major crude oil producers operating together for last more than 50 years in the North East part of India. Together, they produce around 4.5-5.0 Million Metric Tonnes per annum which is transported to four refineries of IOC and BPCL located at Digboi, Numaligarh ,Guwahati and Bongaigaon through the trunk pipeline of OIL.