KABIL and Oil India sign MoU to strengthen critical minerals exploration

The MoU aims to strengthen collaboration on both existing and future projects, with a focus on exploring and exploiting critical minerals

Published on:

28 Aug 2024, 4:09 pm

New Delhi: Khanij Bidesh India Limited (KABIL) and Oil India Limited (OIL) have signed a Memorandum of Understanding (MoU) at NALCO’s Corporate Headquarters in Bhubaneswar, marking a significant step in the strategic collaboration between the two entities.

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The MoU has been signed by Sadashiv Samantray, Director (Commercial) of NALCO and CEO of KABIL, and Ranjan Goswami, Executive Director (BD) of OIL. The signing ceremony was attended by Sridhar Patra, Chairman and Managing Director of NALCO and Chairman of KABIL, along with senior officials from NALCO, KABIL, and OIL.

The MoU aims to strengthen collaboration on both existing and future projects, with a focus on exploring and exploiting critical minerals. This partnership will involve joint efforts in identifying international opportunities for critical minerals, conducting comprehensive due diligence on potential projects, and co-investing in promising ventures.

Commenting on the MoU, Sridhar Patra emphasized that the agreement represents a new chapter in KABIL's progress, highlighting the synergies between KABIL and OIL in advancing critical minerals exploration both domestically and internationally. He noted that this collaboration aligns with the broader goal of "Atma Nirbhar Bharat" and contributes to the mineral securitization of the nation.

KABIL is a joint venture company formed by National Aluminium Company Ltd. (NALCO), Hindustan Copper Limited (HCL), and Mineral Exploration & Consultancy Limited (MECL) under the Ministry of Mines. KABIL's mission is to secure the supply of critical and strategic minerals for India. Oil India Ltd. (OIL), a Maharatna CPSE under the Ministry of Petroleum & Natural Gas, is a leading integrated oil and gas company with extensive expertise in exploration, development, production, and transportation of crude oil and natural gas.

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