ONGC inks its first Crude Oil Sales Agreement (COSA) with subsidiary Mangalore Ref…

New Delhi, Aug 05 : Maharatna Oil major ONGC inked its first Crude Oil Sales Agreement (COSA) with subsidiary Mangalore Refineries and Petrochemicals Limited (MRPL) on 30th July 2013 at Delhi.

The COSA was signed by ONGC Director In-charge Marketing P.K Borthakur and MRPL Director (Finance) Vishnu Agarwal, in the presence of ONGC Group Chairman SudhirVasudeva, Director (HR) K.S Jamestinand Director (Finance) A.K. Banerjee.

Before this first COSA, sales were effected through an MOU signed in March 2003.

MRPL, which was being referred to BIFR as a sick enterprise, was turned around in the first year after being taken over by ONGC in March 2003.