December 2016 Current Affairs

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ONGC Videsh signs pact with SOCAR Trading for oil trading

ONGC Videsh signs pact with SOCAR Trading for oil trading
31 May 2016 Current Affairs: ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corporation (ONGC), has announced it has signed a Memorandum of Understanding (MoU) with SOCAR Trading SA, the trading arm of Azerbaijan's government-owned energy firm SOCAR, for foraying into oil trading business.

The objective of the MoU, signed in Geneva on 27 May, is to explore possibilities of joint marketing of OVL's crude oil portfolio by leveraging SOCAR Trading's experience in oil trading, OVL.

The Azeri-Chirag-Guneshli (ACG) field is located off the coast of Baku and is said to be the largest oilfield in the Azerbaijan sector of the Caspian basin. OVL had earlier bought a 2.7 per cent stake in the field from US-based Hess for $1 billion.Based on the performance of this agreement both parties will mutually agree to optimize price realization of other crudes from OVL's portfolio either through joint marketing or joint venture route.

OVL operates 36 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela, Vietnam and New Zealand. It currently produces 165,000 barrels of oil and oil equivalent gas per day and had total oil and gas reserves of around 632.65 million tonne of oil equivalent at the end of March 31.

SOCAR trading is the international marketing and development arm of State Oil Company of Azerbaijan republic (SOCAR). SOCAR trading was incorporated in December 2007 with a mandate to market Azeri barrels produced from the ACG field and other surrounding fields in Azerbaijan.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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