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Indian Oil Giants Join UAE Firm for Critical Minerals

12 Sep 2024 , 01:20 PM

ONGC Videsh, Oil India, and Khanij Bidesh India (KABIL) have signed a preliminary agreement with UAE-based International Resources Holding RSC to jointly acquire and develop significant mineral properties around the world.

“The parties aim to leverage their expertise, resources and networks to pursue mutually beneficial opportunities, achieve operational excellence and secure a stable supply of critical energy minerals,” according to an ONGC Videsh statement.

“The agreement outlines a cooperative and coordinated approach, focussing on project identification, joint due diligence, risk management and developing a long-term offtake strategy,” according to the statement.

India, the United States, and many other countries have recognised the importance of building a vital minerals supply chain, which is currently dominated by China. With the advent of renewables and batteries, the demand for key minerals has increased dramatically in recent years.

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Related Tags

  • Critical Minerals
  • India
  • oil
  • ONGC
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