Oil and Natural Gas Corporation (ONGC) Ltd has inked the Crude Oil Sales Agreement (COSA) with Mangalore Refinery and Petrochemicals Ltd (MRPL) for the sale and purchase of crude oil. The current agreement between ONGC and MRPL will be applicable till March 31, 2024.

A statement by MRPL said the agreement between the two group companies is expected to bring synergy and is expected to streamline the sale and purchase transactions of crude oil from ONGC’s fields in Mumbai High.

Sanjay Kumar, Executive Director (Marketing) of ONGC, and Chandermani, Group General Manager (Impex and Shipping) of MRPL, signed the agreement on behalf of the two entities in Mangaluru on Wednesday.

Sanjay Varma, Managing Director of MRPL, Vivek Tongaonkar, Director (Finance), BHV Prasad, Executive Director (Projects), and Shyamprasad Kamath Executive Director (Refinery) were present.