Oil and Natural Gas Corporation (ONGC) has approved a corporate guarantee in favour of its subsidiary, Mangalore Refinery and Petrochemicals Ltd. (MRPL), to facilitate the import of crude oil from Saudi Aramco. The guarantee is intended to strengthen MRPL’s crude procurement arrangements with the Saudi energy giant, ensuring uninterrupted feedstock supplies for its refinery operations.
The move is expected to enhance MRPL’s financial flexibility and reinforce its long-term sourcing strategy amid evolving global energy markets. Saudi Aramco remains one of the world’s largest crude suppliers, and securing reliable access to its shipments is considered vital for maintaining stable refinery throughput and meeting domestic fuel demand.
The approval reflects ONGC’s continued support for its downstream subsidiary while reinforcing India’s energy security through diversified and dependable crude supply channels. The arrangement is also expected to deepen commercial ties between MRPL and Saudi Aramco, supporting efficient procurement and operational continuity in an increasingly competitive global oil market.