Oil India signs MoU with MECL to explore and develop critical mineral blocks

State-run Oil India Limited (OIL), a Maharatna CPSE under the aegis of the Ministry of Petroleum & Natural Gas and a premier integrated energy company has signed a Memorandum of Understanding (MoU) with Mineral Exploration and Consultancy Limited (MECL), a Miniratna-I CPSE under the Ministry of Mines, Government of India, to collaborate in the exploration and development of critical mineral blocks in India and overseas.

The MoU was signed in the presence of CMD, the Director, and senior officers from OIL and MECL.

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Read Also : Oil India signs MoU with MECL to explore and develop critical mineral blocks

This strategic partnership marks a significant milestone in fostering the exploration of critical minerals both in India and overseas, recognizing their vital importance for the nation’s energy security and sustainable growth.

Under this collaboration, OIL and MECL will jointly undertake exploration activities aimed at identifying, evaluating, and developing mineral-rich blocks both in India and overseas, including the recently awarded block of OIL—the Phop Graphite and Vanadium block in Arunachal Pradesh.

Shares of Oil India were trading in the red zone, down by 3.40% at Rs 391.85.

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