ONGC Videsh Limited and SOCAR Trading SA signed an MoU on 27th of May 2016 at Geneva. The Objective of MoU is to explore possibilities of Joint Marketing of ONGC Videsh's crude oil portfolio by leveraging SOCAR Trading's experience in oil trading. The MoU was signed by S P Garg, Director (Finance) ONGC Videsh Limited and Arzu Azimov, CEO, SOCAR Trading SA.

Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh's equity crude from ACG, Azerbaijan and based on the performance of this agreement both parties will mutually agree to optimise price realisation of other crudes from ONGC Videsh's portfolio either through Joint Marketing or Joint Venture route.

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India's largest international oil and gas E&P Company. At present, ONGC Videsh has 36 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela, Vietnam and New Zealand. ONGC Videsh is currently producing 179 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 632.65 mmtoe as on 31st March 2016.

About ONGC

ONGC's market capitalization as on 27th May 2016, was INR 1,822 billion (US$ 27.17 billion). During the financial year ended 31st March 2016, ONGC Group had produced 57.38 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.15 mmboe per day); the Consolidated Gross Turnover was INR 1,429.27 billion (US$ 21.83 billion), Consolidated Net Profit was INR 141.24 billion (US$ 2.16 billion) for the year 2015-16 and total oil and gas reserves were 2,022 mmtoe as on 31st March 2016.

About SOCAR Trading SA

SOCAR Trading is the international marketing and development arm of SOCAR, the State Oil Company of Azerbaijan. SOCAR Trading was incorporated in December 2007 with a mandate to market Azeri barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan.