ONGC Approves USD 500 Million Parent Guarantee for Subsidiary MRPL Oil Imports
Oil and Natural Gas Corporation Limited (ONGC) has approved a significant corporate guarantee intended to facilitate the crude oil imports of its subsidiary, Mangalore Refinery and Petrochemicals Limited (MRPL). The Board of Directors of the company sanctioned the proposal to provide a Parent Company Guarantee (PCG) valued at USD 500 million.The PCG is set up in favour of Saudi Arabian Oil Company (Saudi Aramco). This financial backing will enable MRPL to import crude oil directly from Saudi Aramco for a specified period.
MRPL, which operates as a subsidiary of ONGC, will benefit from the guarantee throughout the duration of the agreement. The coverage provided by ONGC is scheduled to run from September 01, 2026, until August 31, 2028.
ONGC Stock Price Movement
Today, shares of Oil & Natural Gas Corporation Limited edged higher to close at ₹238.91, gaining 0.08% in post-market trading. The stock settled after a day characterized by trading volume reaching 13.36 million shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.