New Delhi, June 03: State-run exploration firm Oil and Natural Gas Corporation will set up a specialised trading desk in Delhi to market crude oil received from investments in oil fields abroad and petroleum products from its subsidiary Mangalore Refinery Petrochemicals Ltd. "We expect government approval for setting up the trading and risk management desk in New Delhi within a week's time. Work on setting up the desk would begin soon after," ONGC chairman and managing director Subir Raha said.
A consultant would be appointed for setting up the specialised crude marketing and trading desk, he said but did not give the names of firms ONGC was talking to.
ONGC wants to optimise export of surplus products like jet fuel, gas oil and fuel oil from MRPL, which till now are being done through tenders that give little margins.
Besides managing risk and hedging volatilities in the international oil market, the desk would also help the firm locate buyers for its 3 million tonnes per annum crude oil it would receive from a Sudan oil field.
Bureau Report