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The Hindu·1 min read·medium

ONGC approves parent guarantee of $500 million for MRPL to import crude from Saudi Aramco

T
The Hindu Bureau
ONGC approves parent guarantee of $500 million for MRPL to import crude from Saudi Aramco
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ONGC has approved a $500 million parent company guarantee for its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL). This guarantee facilitates MRPL's crude oil imports from Saudi Aramco for the next two years.

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State-owned Oil and Natural Gas Corp (ONGC) informed on Tuesday (July 28) that it approved a $500-million parent company guarantee (PCG) in favour of Saudi Aramco, on behalf of subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), enabling them to import crude oil from Saudi Aramco.

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