ONGC, CNPC sign MOU

Oil and Natural Gas Corp. (ONGC), India’s biggest state-run explorer signed a memorandum of understanding (MOU) with China National Petroleum Corporation (CNPC), China’s largest energy producer. Under the MOU, the two companies will jointly explore business opportunities in upstream exploration and production. ONGC and CNPC also plan to collaborate on the refining or processing of crude oil and natural gas in either mid-stream or downstream projects, in the construction and operation of oil and gas pipelines, as well as in the marketing and distribution of petroleum products. (July 2, 2012)