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FinanceONGC approves $500 mln parent guarantee for MRPL to import crude from Saudi Aramco
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State-owned Oil and Natural Gas Corp (ONGC) has approved a $500 million parent company guarantee (PCG) in favor of Saudi Aramco on behalf of its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL). The guarantee, valid from September 1, 2026, to August 31, 2028, enables MRPL to import crude oil from Saudi Aramco. The decision was announced by ONGC in an exchange filing on July 28, 2026, following a board meeting. This financial backing ensures MRPL's continued crude supply from one of the world's largest oil producers, supporting India's refining capacity.
Source report
The guarantee will be valid for approximately two years.
Published: July 29, 2026 — 10:28 AM IST
The Hindu Bureau
State-owned Oil and Natural Gas Corp (ONGC) announced on Tuesday (July 28) that it has approved a $500 million parent company guarantee (PCG) in favour of Saudi Aramco, on behalf of its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL). The guarantee enables MRPL to import crude oil from Saudi Aramco.
In an exchange filing, ONGC stated:
"The board of directors, at its meeting held today has inter-alia approved the proposal to provide parent company guarantee (PCG) of $500 million in favour of Saudi Arabian Oil Company (Saudi Aramco) for the period 01.09.2026 to 31.08.2028 on behalf of (MRPL), to enable MRPL to import crude oil from Saudi Aramco."
The guarantee will be applicable for a period of approximately two years, from September 1, 2026, to August 31, 2028.
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ONGC approves $500 million parent guarantee for MRPL to import crude from Saudi Aramco