ONGC Videsh, Oil India Ltd. (OIL), and Khanij Bidesh India Ltd. (KABIL) have signed a Memorandum of Understanding (MoU) with International Resources Holding RSC Ltd. (IRH), UAE, to collaborate on critical mineral projects globally. This partnership is aimed at identifying, acquiring, and developing vital mineral resources, which are key for the energy sector and other industries.
The agreement outlines plans to leverage each company’s expertise and resources to secure a steady supply of critical minerals, crucial for energy security and sustainable development. These minerals are vital for industries like renewable energy, electric vehicles, and advanced electronics. The collaboration is expected to focus on project identification, joint due diligence, and risk management, ensuring long-term access to essential energy minerals.
ONGC Videsh, a subsidiary of ONGC, is India’s largest international oil and gas company with operations in 15 countries. The MoU is in line with the government’s vision to strengthen India’s critical mineral supply chain and reduce dependency on imports. This global alliance highlights India’s proactive approach in securing resources for its future energy needs and technological advancements.
