Oil and Natural Gas Corporation (ONGC) is trading higher by 2.5% at Rs 277 after the company said its wholly owned subsidiary ONGC Videsh has signed a memorandum of understanding with PetroVietnam (PVN) to promote the joint cooperation in hydrocarbon sector in Vietnam, India and other countries.
Under the MOU, Petrovietnam has offered 5 blocks to ONGC Videsh. “ONGC Videsh would assess these blocks and if these are of interest, it would make a proposal to PetroVietnam,” the state-owned oil exploration and production firm said in a statement.
The stock opened at Rs 271 on NSE and has seen a combined around 1.18 million shares changing hands on the counter till noon deals on NSE and BSE.
Under the MOU, Petrovietnam has offered 5 blocks to ONGC Videsh. “ONGC Videsh would assess these blocks and if these are of interest, it would make a proposal to PetroVietnam,” the state-owned oil exploration and production firm said in a statement.
The stock opened at Rs 271 on NSE and has seen a combined around 1.18 million shares changing hands on the counter till noon deals on NSE and BSE.