Wed Sep 11 09:21:16 UTC 2024: ## Indian Companies Team Up with UAE Firm to Secure Critical Minerals Globally

**New Delhi, India** – India’s state-owned oil and gas giants ONGC Videsh (OVL), Oil India (OIL), and Khanij Bidesh India (KABIL) have signed a memorandum of understanding (MoU) with International Resources Holding, a UAE-based company, to collaborate on the acquisition and development of critical mineral projects worldwide, including within India.

The partnership aims to leverage the expertise, resources, and networks of all parties to secure a stable supply of essential energy minerals. The MoU outlines a cooperative approach, focusing on joint project identification, due diligence, risk management, and developing a long-term offtake strategy.

This collaboration comes as India is actively seeking to strengthen its domestic supply of critical minerals essential for its growing economy and energy transition. The move is seen as part of a larger strategy to secure access to these resources globally.

ONGC Videsh, India’s largest international oil and gas exploration and production (E&P) company, currently operates 32 assets in 15 countries and produces approximately 200,000 barrels of oil and oil equivalent gas (O+OEG) per day.

This partnership highlights India’s growing strategic focus on securing critical minerals, a vital aspect of its economic growth and energy security.

Read More