PSU majors Oil India, ONGC Videsh and Khanij Bidesh India Limited (KABIL) have inked a Memorandum of Understanding (MoU) with the UAE’s International Resources Holding RSC (IRH) to collaborate on the critical mineral supply chain.
What Happened: The MoU, announced in a press release by Oil India, aims to foster collaboration, identification, acquisition, and development of critical mineral projects globally, including India.
The Parties, under the terms of the Memorandum of Understanding (MoU), will collaborate in a cooperative and coordinated manner, with a focus on identifying projects, conducting joint due diligence, and developing risk management strategies.
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ONGC Videsh, the wholly-owned subsidiary and overseas arm of ONGC, and KABIL, a joint venture between National Aluminium Company Ltd. (NALCO), Hindustan Copper Limited (HCL) and Mineral Exploration & Consultancy Limited (MECL), will explore mutually beneficial opportunities to achieve operational excellence and secure a stable supply of critical energy minerals.
Earlier last month, ONGC Videsh secured a 16-year extension for oil and gas production in Vietnam and a three-year extension for exploration in the South China Sea.
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