Oil & Natural Gas Corporation (ONGC), the national oil company of India inks MoU with Mitsui for cooperation in pursuing petroleum and natural gas opportunities. The MoU has been signed between ONGC and Japanese conglomerate Mitsui & Co. on Jan. 24, 2014 in New Delhi.
The agreement was signed by Masami Iijima, president and CEO of Mitsui & Co. and Sudhir Vasudeva, CMD, ONGC. The MoU signing ceremony was attended by senior officials from both the companies.
The MoU provides for cooperation in exploration and production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.
Shares of the company declined Rs 2.85, or 1.01%, to trade at Rs 280.40. The total volume of shares traded was 27,616 at the BSE (11.03 a.m., Monday).