India-Azerbaijan Energy Ties Strengthen With SOCAR-MRPL-ONGC Agreement

New Delhi, Feb 15 (KNN) A significant trilateral agreement in the energy sector was established during India Energy Week 2025 as the State Oil Company of Azerbaijan Republic (SOCAR), Mangalore Refinery and Petrochemicals Limited (MRPL), and Oil and Natural Gas Corporation Limited (ONGC) formalised their collaboration through a non-binding Memorandum of Understanding (MoU) on February 12, 2025.

The comprehensive agreement encompasses several strategic areas of cooperation, focusing primarily on crude oil and liquefied natural gas supply chains, petroleum product trading operations, and knowledge exchange initiatives for capacity development. 

A key component of this partnership involves strengthening ONGC's presence in Azerbaijan's oil and gas sector, with particular emphasis on operations in the Azeri-Chirag-Gunashli field and the Baku-Tbilisi-Ceyhan pipeline.

This strategic alliance represents a significant step forward in India's broader energy diversification strategy, offering ONGC and MRPL enhanced opportunities to expand their global market presence. 

The partnership is expected to facilitate increased cooperation between India and Azerbaijan in matters of energy security and trade, while establishing new channels for petroleum product commerce and trading opportunities.

The signing took place against the backdrop of India Energy Week 2025, hosted at Yashobhoomi, New Delhi, from February 11-14. 

This prestigious event has evolved into a premier global energy forum over the past three years, attracting an impressive assembly of over 20 foreign energy ministers, more than 90 CEOs from leading global energy companies, and approximately 70,000 delegates representing 120 countries. 

The conference served as a vital platform for discussions on energy transition, supply security, and technological advancement in the sector.

This strategic partnership emerges at a crucial time in the global energy landscape, reflecting the growing importance of international collaboration in addressing energy security challenges and fostering technological innovation in the hydrocarbon sector. 

The agreement stands as a testament to India's commitment to diversifying its energy partnerships while strengthening its position in the global energy market.

(KNN Bureau)