ONGC Okays $500 Mn Guarantee For MRPL To Import From Aramco

06 Aug 2026 CW Team

The Oil and Natural Gas Corporation (ONGC) has approved a parent company guarantee of $500 mn in favour of Saudi Aramco on behalf of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) to facilitate crude oil imports. The guarantee will be valid from one September to 31 August 2028 and is intended to support MRPL's procurement and supply planning. The board decision was announced on Tuesday and reflects state support for refinery operations.

The guarantee aims to enable MRPL to secure term crude supplies and manage payment obligations with the Saudi supplier, reducing transactional risk for the refinery. Mangalore Refinery and Petrochemicals Ltd is a key downstream unit within the ONGC group and this instrument is expected to smooth logistics and contract performance. The move follows broader industry efforts to stabilise feedstock availability for domestic fuel and petrochemical production.

Separately, sources indicated that India plans to source 25 per cent of its liquefied petroleum gas (LPG) imports from the United States in 2027, with state refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum expected to issue tenders within one to two months for US LPG supplies. This shift would reduce reliance on West Asia and form part of negotiations on broader trade and energy cooperation with Washington. The prospective tenders and sourcing plans remain subject to formal confirmation by the companies concerned.

Analysts said the guarantee is intended to help MRPL secure long term crude supplies and provide commercial comfort to sellers, while the potential increase in US LPG purchases reflects a diversification strategy by Indian refiners. The guarantee period covers a full year from September and will be monitored for its impact on refining margins and import patterns. The measure is consistent with state backing for energy security and the evolving supply mix for India's fuel imports.

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