ONGC ties up with BPCL to sell crude oil

In a major development, the Oil & Natural Gas Corporation Ltd (ONGC) has signed a long-term contract with Bharat Petroleum Corporation Ltd (BPCL) to sell crude oil produced from the Mumbai region, an official said here on Thursday. The agreement was signed by ONGC Executive Director Sanjay Kumar and BPCL Executive Director Manoj Heda with top officers like C. Mathavan and other officers in attendance.

The deal comes after the Centre decided to grant marketing and pricing freedom for domestic crude oil, replacing the previous allocation of quotas mechanism.