ONGC Share Price in Focus; Approves $500 Million Guarantee for MRPL's Aramco Oil Imports

Oil and Natural Gas Corporation (ONGC) has approved a parent company guarantee of $500 million for Mangalore Refinery and Petrochemicals Limited (MRPL) to import crude oil from Saudi Arabian Oil Company (Saudi Aramco), as per an exchange filing. MRPL is a subsidiary of ONGC. 

Guarantee Valid for Two Years 

The guarantee will remain in force from 1 September 2026 to 31 August 2028. ONGC said the approval has been given in favour of Saudi Aramco for MRPL's crude oil purchases.  

The exchange filing does not mention the quantity of crude oil, pricing terms, or the value of imports expected during the period. 

Filing Shares Limited Details 

The company has only announced the approval of the guarantee. No information has been provided on any fresh supply agreement between MRPL and Saudi Aramco.  

The filing also does not specify whether the guarantee replaces an existing arrangement or has been issued for a new procurement programme. 

Intimation Sent to Exchanges 

Following the Board meeting, ONGC informed the NSE and BSE through a regulatory filing. According to the company, the meeting concluded on July 28, 2026. The filing was signed by the Company Secretary and Compliance Officer. 

MRPL's Crude Oil Requirement 

MRPL operates a refinery in Mangaluru and imports crude oil from overseas suppliers for processing. The approved guarantee gives Saudi Aramco a parent company assurance from ONGC for crude supplies made to MRPL during the approved period.  

No additional details relating to refinery capacity, crude sourcing, or payment terms have been disclosed in the filing. 

Read More: ACME Solar Share Price Surges Over 2% On Securing ₹3,404.57 Crore Project Funding from PFC! 

Oil and Natural Gas Corporation (ONGC) Share Price Performance  

As of July 29, 2026, 1:48 pm, Oil and Natural Gas Corporation (ONGC) share price was trading at ₹239.60, up 0.29% from the previous closing price. 

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Conclusion 

The Board's approval allows ONGC to provide a $500 million guarantee for MRPL's crude oil purchases from Saudi Aramco. The filing does not disclose additional commercial or operational details beyond the approval. 

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