Loan & Debt28 Jul 2026, 04:03 pm
ONGC Approves $500M Parent Guarantee for MRPL Crude Imports
AI Summary
Oil and Natural Gas Corporation Ltd (ONGC) announced that its Board of Directors, in a meeting held on July 28, 2026, approved a Parent Company Guarantee (PCG) of USD 500 million. This guarantee is in favor of Saudi Arabian Oil Company (Saudi Aramco) and will be effective from September 1, 2026, to August 31, 2028. The PCG is intended to facilitate crude oil imports for Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of ONGC, from Saudi Aramco. The board meeting commenced at 13:45 hrs and concluded at 15:35 hrs.
Key Highlights
- ONGC's Board approved a $500 million Parent Company Guarantee.
- The guarantee is for Saudi Aramco for crude oil imports.
- It supports subsidiary MRPL's oil procurement needs.
- The guarantee period is from September 2026 to August 2028.
Price Impact
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