OIL India Strengthened Operations: Signed MoU For Critical Mineral Supply Chain

On September 10, 2024, a significant Memorandum of Understanding (MoU) was signed between a consortium of Indian entities – OIL India Limited, OVL, and KABIL – and International Resources Holding RSC Ltd (IRH) from the UAE. This strategic partnership aims to foster global collaboration in the critical mineral supply chain, with a primary focus on identifying, acquiring, and developing critical mineral projects worldwide, including within India.

By combining their respective expertise, resources, and networks, the parties intend to explore mutually beneficial opportunities and establish a stable supply of critical energy minerals. This collaboration will be characterised by a cooperative and coordinated approach, encompassing project identification, joint due diligence, shared risk management strategies, and developing a long-term offtake strategy.

This MoU marks a pivotal step towards securing a reliable and sustainable supply of critical minerals, which are essential for various industries and technological advancements. Through this partnership, the consortium aims to strengthen India’s position in the global critical mineral landscape and contribute to the country’s energy security and economic growth.

About Oil India Limited

Oil India is engaged in the exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various E&P-related services for oil blocks. The company contributes ~10% of India’s total oil and 8% of gas production. It has more than 500 wells under production and 213 surface facilities.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.