New Delhi: Oil India Limited (OIL), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas, has entered into a strategic collaboration with Mineral Exploration and Consultancy Limited (MECL), a Miniratna-I CPSE under the Ministry of Mines. The two entities have signed a Memorandum of Understanding (MoU) to jointly explore and develop critical mineral blocks in India and overseas.
The MoU has been signed in the presence of the Chairman and Managing Director (CMD), Directors, and senior officials from both OIL and MECL, underscoring the importance of this partnership in enhancing mineral exploration capabilities. This agreement is a significant milestone in advancing India's energy security and sustainable economic growth through the development of critical mineral resources.
As part of the collaboration, OIL and MECL will undertake joint exploration initiatives to identify, evaluate, and develop mineral-rich blocks. The scope of work extends to both domestic and international locations, with a key focus on the recently awarded Phop Graphite and Vanadium block in Arunachal Pradesh, which is under OIL’s purview.
The partnership aligns with the government’s vision of securing essential minerals that play a crucial role in the energy and industrial sectors. By leveraging their expertise and resources, OIL and MECL aim to strengthen India's mineral supply chain and reduce import dependency on critical minerals essential for various strategic industries.
This initiative further reinforces OIL’s commitment to diversifying its portfolio beyond hydrocarbons and contributing to India’s transition towards a more self-reliant and sustainable mineral and energy sector.
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