ONGC Videsh has signed a preliminary agreement with the trading arm of Azerbaijan’s state energy company SOCAR to look at jointly marketing crude oil, the company said in a statement on Tuesday.
OVL, the overseas assets acquisition arm of the country’s biggest explorer, Oil and Natural Gas Corp (ONGC), wants to leverage the experience of SOCAR Trading SA in oil marketing, it said.
Reuters had reported about the deal on Monday.
Source: ONGC Videsh, Azerbaijan’s SOCAR look to jointly sell oil | Reuters
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