Hindustan Petroleum Corporation Ltd (HPCL) and Oil and Natural Gas Corporation (ONGC) have signed a wide-ranging cooperation agreement. The agreement will assure domestic oil supplies to HPCL from ONGC and its subsidiary MRPL. This assured supply will aid in reduction of imports. In return HPCL will provide infrastructure support and services to the two companies.
HPCL and ONGC have also agreed to support each other and jointly evaluate possibilities to collaborate in the fields of oil exploration, refining, marketing, infrastructure development, petrochemicals and other energy and related ventures in India and abroad.