OREANDA-NEWS. An MoU has been signed between Indian Maharatna Public Sector Enterprise ONGC and Japanese conglomerate Mitsui & Co., Ltd. on 24th January, 2014 in New Delhi. The agreement was signed by Mr. Masami Iijima, President and CEO of Mitsui & Co., Ltd. and Mr. Sudhir Vasudeva, CMD, ONGC. The MoU signing ceremony was attended by senior officials from both the companies.

The MoU provides for cooperation in Exploration and Production for conventional and unconventional petroleum and natural gas opportunities in India and in third countries.

In August 2012, ONGC and Mitsui had entered into an MoU for wide ranging cooperation in gas and LNG business. Later in March, 2013, Mitsui had entered into another MoU with ONGC, BPCL and New Mangalore Port Trust for feasibility study of a LNG Terminal at Mangalore.

Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 151 offices in 67 countries as of April, 2013. Utilizing its global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, Innovation & Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world.