Oil India, OVL and KABIL inks MoU with IRH, UAE

The MoU will work on collaboration, identification, acquisition, and development of Critical Mineral projects on a global scale, including India.

Indian state-owned companies Oil India, ONGC Videsh (OVL) and Khanij Bidesh India (KABIL) announced the signing of memorandum of understanding (MoU) with International Resources Holding RSC. (IRH), UAE, for global cooperation in Critical Mineral supply chain.

The parties intend to leverage their respective expertise, resources, and networks to pursue opportunities that are mutually beneficial and to achieve operational excellence and secure a stable supply of critical energy minerals, Oil India stated in the press release.

Under the terms of the MoU, the parties will work together in a cooperative and coordinated manner and will focus on project identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy, it added.

Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 June 2024, the Government of India held 56.66% stake in the company.

The petroleum business company reported 9.09% decline in standalone net profit to Rs 1,466.84 in Q1 FY25 as compared to Rs 1,613.43 crore posted in Q1 FY24. However, revenue from operations (excluding excise duty) jumped 17.67% to Rs 5,331.92 crore in Q1 FY25 from Rs 4531.18 crore reported in the same period a year ago.

Shares of Oil India tumbled 5.15% to Rs 577.75 on the BSE.

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