ONGC gets $500 million guarantee

State-owned Oil and Natural Gas Corporation (ONGC) on Tuesday said its board has approved a $500 million parent company guarantee in favor of Saudi Aramco on behalf of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) to facilitate crude oil imports. The guarantee will be valid from September 1 to August 31, 2028.

India may import a quarter of its 2027 LPG needs from the US

India plans to buy up to a quarter of its liquefied petroleum gas (LPG) imports from the United States (US) in 2027, a move that will cut its dependence on West Asia and support efforts to secure a trade deal with Washington, three sources said. State refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum are expected to float tenders within one to two months for US LPG supplies in 2027, the sources said.