Oil and Natural Gas Corporation Limited (ONGC) notified the stock exchanges regarding the outcome of its board meeting held on July 28, 2026. The board approved a proposal to provide a Parent Company Guarantee (PCG) of USD 500 million in favour of Saudi Arabian Oil Company (Saudi Aramco) for the period spanning September 1, 2026, to August 31, 2028. This guarantee is extended on behalf of its subsidiary, Mangalore Refinery and Petrochemicals Limited (MRPL), to facilitate MRPL in importing crude oil from Saudi Aramco.

The notice details regarding the corporate guarantee highlight ONGC’s continuous backing of its group companies to secure critical raw material supplies for refining operations. The board meeting commenced at 13:45 hrs and concluded at 15:35 hrs on the same day. Such financial undertakings cement inter-subsidiary operational stability, ensuring that MRPL maintains uninterrupted crude feedstock access through major international partnerships like Saudi Aramco.

Oil and Natural Gas Corporation Limited is a central public sector enterprise operating as India’s largest crude oil and natural gas corporation, contributing significantly to the country’s domestic production. In major developments from 2025, ONGC collaborated with BP in January 2025 to enhance production from the Mumbai High offshore field using advanced recovery technologies. Furthermore, in February 2025, the company unveiled plans to develop Very Large Ethane Carriers (VLECs) to supply feedstock to its petrochemical operations and signed joint venture agreements with Mitsui O.S.K. Lines in early 2026.

During the latest reported financial periods, ONGC demonstrated robust operational metrics, reflecting strong earnings performance. Famous institutional investors and entities holding major stakes in ONGC include the Government of India as the primary promoter with a 58.89% stake, alongside foreign portfolio investors (FIIs) and domestic institutional investors (DIIs) holding significant portions of the equity.