ONGC approves parent guarantee of $500 million for MRPL to import crude from Saudi Aramco

State-owned Oil and Natural Gas Corp (ONGC) informed on Tuesday (July 28) that it approved a $500-million parent company guarantee (PCG) in favour of Saudi Aramco, on behalf of subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), enabling them to import crude oil from Saudi Aramco.

“The board of directors, at its meeting held today has inter-alia approved the proposal to provide parent company guarantee (PCG) of $500 million in favour of Saudi Arabian Oil Company (Saudi Aramco) for the period 01.09.2026 to 31.08.2028 on behalf of (MRPL), to enable MRPL to import crude oil from Saudi Aramco,” it told bourses in an exchange filing.

The guarantee would be applicable for a period of approximately two years, that is, between Sept 1 this year and August 31, 2028.