New Delhi [India], February 15 : The State Oil Company of the Azerbaijan Republic (SOCAR), Oil & Natural Gas Corporation (ONGC), and Mangalore Refinery & Petrochemicals Limited (MRPL) have signed a Tripartite Memorandum of Understanding (MoU) during India Energy Week (IEW) 2025 to strengthen energy cooperation at India Energy Week 2025.
Mangalore Refinery and Petrochemicals Limited in its filing to the exchanges said that the strategic MoU aims to enhance energy cooperation through the mutual supply and trade of crude oil, LNG, and petroleum products between SOCAR and ONGC Group entities.
The Collaboration Framework MoU establishes a structured platform for engagement, facilitating in-depth discussions, information exchange, and the exploration of energy trade opportunities, the PSU added in the filing.
The MoU also enables the assessment and implementation of viable projects while optimizing supply chain strategies to drive commercial sustainability and operational efficiency, as per the filing.
"Each party remains independently responsible for its respective commitments under the MoU, ensuring a flexible, non-binding cooperation model that fosters long-term synergy and strategic alignment in the global energy sector," the Mangalore Refinery and Petrochemicals Limited added in the filing.
India Energy Week was envisioned as more than just another industry conferenceit was designed to be a dynamic platform redefining global energy dialogues.
In just two years, this self-funded initiative has achieved precisely that, becoming the world's second-largest energy event. The third edition which concluded on February 14, 2025, at Yashobhoomi, New Delhi, represents a significant milestone in shaping the global energy narrative.
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