MoU NEWS

India's downstream major, Hindustan Petroleum Corp Ltd (HPCL) yesterday informed about commissioning its first petrol pump in Bhutan in its bid to foray into the Himalayan Kingdom. The petrol pump is the first in line of the planned 22 outlets according to the MoU signed with Bhutanese state-run STBCL at select high-potential sites in the country. The ONGC-subsidiary had earlier commissioned its first retail outlet in Bhutan on March 11.

Sources have said that oil supermajor, Exxon Mobil and ONGC have inked an expertise-sharing agreement to enable the Indian state-owned to develop its resources in offshore blocks. Sources also said that the two firms have already signed a memorandum of understanding (MoU) for now, and will be later inked as a definitive deal after the US oil major studies ONGC’s block.

Assam Petrochemicals Limited (APL) is launching a new pilot project next month to evaluate the feasibility of methanol as a cooking fuel. The project is part of an initiative by policy think tank, Niti Aayog, to promote the use of methanol. APL chairman yesterday said that methanol is estimated to be at least 30% cheaper than LPG.

IOCL inked Memorandum of Understanding (MoU) with state government of Haryana for setting up bio-CNG plants across the state. Using paddy straw and other agri-waste as feedstock, the first compressed biogas plant (CBP) will be established in Kurukshetra. Establishing a 100 tpd biogas plant requires an investment of about ₹35 crore and six to ten acres of land. The state government is looking forward to construct 200 CBP by 2023.

Saudi Aramco subsidiary, Saudi Aramco Upstream Technology Company (SAUTC), has inked a Memorandum of Understanding (MoU) with Russia’s Lomonosov Moscow State University (MSU). The agreement pertains to promoting cooperation in areas of joint research, specifically focusing on upstream technology. The collaboration will see both SAUTC and MSU organizing bilateral symposia, joint laboratories, conferences, and workshops.

Chiyoda Corporation, the Japanese engineering major, has concluded a Memorandum of Understanding (MOU) with Abu Dhabi Gas Liquefaction Company Limited (ADNOC LNG) to provide state-of-the-art digital technologies, including artificial intelligence and big data analytics, on ADNOC LNG’s facilities. Chiyoda is striving to achieve the objective of ‘technology and business innovation (developing a new business model for a digital society)’.

British Petroleum (BP) has signed a MoU with Petrobras for exploring areas of potential cooperation in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. It is expected that through this alliance, the transfer of technology will take place along with joint training and research.