Trading Vertical
ONGC sets up internal group to mull trading unit for crude, refined fuels
This story was originally published at 15:35 IST on 26 August 2025
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--ONGC Videsh official: Mulling trading unit for crude, refined fuel
NEW DELHI – Oil and Natural Gas Corp. Ltd. is mulling over setting up a trading unit for crude and refined fuels of its group companies and has already set up an internal group to discuss this, said Rajarshi Gupta, the managing director at ONGC Videsh Ltd. The internal group is looking into the modalities including legal issues of setting up the trading vertical, he said. ONGC Videsh is the overseas investment arm of ONGC.
"In the group, nearly 100 million tonnes worth of actual buying and selling is happening...so if we can all get together and do something...it is the planning as of now...Now it is being conceptualised that we should get into trading. That is our idea," he said at the sidelines of Indo-American Chamber of Commerce's 3rd Energy Summit. ONGC annually produces about 42 million tonnes of oil and its refining subsidiaries Hindustan Petroleum Corp. Ltd. and Mangalore Refinery and Petrochemicals together import about 45-50 million tonnes, the official said.
On Mozambique's Area 1 LNG project, Gupta said the force majeure is expected to be lifted within the next few months. ONGC Videsh has around 16% participating interest in the project and Indian public sector firms together hold around 30% stake in the project. The offshore gas exploration project has been under force majeure since April 2021 following attacks by Islamic State terrorists in Northern Mozambique's Cabo Delgado province. End
Reported by Pallavi Singhal and Shakshi Jain
Edited by Akul Nishant Akhoury
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