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The Economic Times

ONGC to enter oil trading, build strategic reserves as upstream remains core

ONGC Oil Arun Kumar Singh Petroleum Mangalore Chevron HPCL MRPL

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) plans to enter crude and petroleum-product trading and build a new strategic petroleum reserve as it seeks to strengthen supply security and extract more value across its energy portfolio, while continuing to make upstream exploration its central focus.

ONGC's new trading unit is expected to begin operations "end of this year", Chairman and CEO Arun Kumar Singh told reporters here.

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