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ONGC backs MRPL's crude imports from Saudi Aramco with $500 million guarantee
28-Jul-2026 | 16:09
Oil and Natural Gas Corporation (ONGC) said that its board has approved the proposal to provide parent company guarantee (PCG) of $500 million in favour of Saudi Arabian Oil Company on behalf of Mangalore Refinery and Petrochemicals (MRPL).
The aforementioned PCG is for a two-year period from 01 September 2026 to 31 August 2028.
This approved parent company guarantee would enable MRPL, a subsidiary of ONGC, to import crude oil from Saudi Aramco.
Oil and Natural Gas Corporation is a public sector undertaking (PSU) that is engaged in exploration, development and production of crude oil, natural gas and value-added products.
The corporation had reported a 3.1% rise in standalone net profit to Rs 6,649.97 crore in Q4 FY26, compared with Rs 6,448.28 crore in Q4 FY25. Revenue from operations added 2.7% year-on-year (YoY) to Rs 35,928.18 crore in Q4 FY26.
The scrip rose 0.08% to end at Rs 238.80 on the BSE today.
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