OIL, IREL Ink Pact To Boost Critical Mineral Development

08 Aug 2025 CW Team

In a strategic move to enhance India’s self-reliance in sourcing critical minerals, Oil India Limited (OIL) and IREL (India) Limited signed a Memorandum of Understanding (MoU) on 7 August 2025 in Mumbai. The agreement sets the stage for cooperation in the development of critical minerals vital to energy security and technological growth.

Oil India, a Maharatna public sector enterprise under the Ministry of Petroleum and Natural Gas, is a leading integrated oil and gas company with expertise in exploration, development, production, and transportation of crude oil and natural gas. In light of the rising importance of critical minerals, the company has begun diversifying into this domain beyond its traditional oil and gas portfolio.

IREL, a Miniratna public sector undertaking under the Department of Atomic Energy, specialises in the mining and processing of mineral sands, including the extraction and refining of rare earth elements.

This collaboration between OIL and IREL is a crucial milestone under the National Critical Mineral Mission, designed to secure essential strategic resources. The partnership is expected to significantly contribute to India's goal of achieving self-reliance in critical mineral and rare earth element supply chains.

The MoU was formally signed by Mr Ranjan Goswami, Executive Director (Business Development) of Oil India, and Mr Ravi Prakash Jha, General Manager (Projects) of IREL. The event was witnessed by Dr Ranjit Rath, Chairman and Managing Director of Oil India, and Mr Sarada Bhushan Mohanty, Chairman and Managing Director of IREL, along with senior officials from both organisations.

This joint effort reinforces India’s commitment to reducing import dependency and building robust domestic capabilities in strategic mineral development.

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