Indian Bureaucracy, Noida, Sept 10, 2024| A Memorandum of Understanding (MoU) was signed between Indian entities comprising of Oil India Ltd (OIL), ONGC Videsh Limited (OVL) & Khanij Bidesh India (KABIL) and International Resources Holding RSC Ltd. (IRH), UAE on 10th September 2024 for global cooperation in Critical Mineral supply chain primarily with the objective of collaboration, identification, acquisition, and development of Critical Mineral projects on a global scale, including India.
The Parties intend to leverage their respective expertise, resources, and networks to pursue opportunities that are mutually beneficial and to achieve operational excellence and secure a stable supply of critical energy minerals. Under the terms of the MoU, the Parties will work together in a cooperative and coordinated manner and will focus on Project Identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy.