ONGC Videsh, alongside Oil India Ltd. (OIL) and Khanij Bidesh India Ltd. (KABIL), has signed a Memorandum of Understanding (MOU) with UAE-based International Resources Holding RSC Ltd. (IRH) to enhance the global supply chain for critical minerals.
This strategic agreement aims to identify, acquire, and develop key mineral projects worldwide, ensuring a steady supply of essential minerals for India's energy and manufacturing sectors.
The MOU establishes a framework for collaboration, focusing on leveraging the combined expertise and resources of all parties to secure reliable access to critical minerals. The partnership will emphasize project identification, joint due diligence, risk management, and long-term offtake strategies.
ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation (ONGC), is India's largest international oil and gas exploration and production company, operating in 15 countries with 32 global assets. This collaboration is expected to bolster India's energy security and mineral resource base.