Oil India and Hindustan Copper signed a Memorandum of Understanding (MoU) on September 19 to cooperate and collaborate for the exploration and development of critical and strategic minerals, including Copper and associated minerals.
In an exchange filing, Oil India said that the move is a significant step towards strengthening India’s self-reliance in critical and strategic mineral sourcing.
While Oil India, a Maharatna PSU under the Ministry of Petroleum & Natural Gas, is primarily an integrated oil and gas company that works in development, production and transportation of crude oil and natural gas, however, in the midst of the increasing importance of critical minerals, Oil India has diversified into critical minerals also.
Collaboration for self-reliance
Hindustan Copper, a public sector company, is engaged in mining, production,processing and marketing of copper and other related products.
Oil India says that its partnership with HCL holds importance in India’s pursuit of self-reliance in critical and strategic minerals, including Copper and associated minerals.
The companies said that to support the objectives of the National Critical Mineral Mission of the Government of India, their collaboration with Hindustan Copper will play a vital role in securing strategic mineral resources essential for the nation’s energy security and technological advancement.
Oil India capex plans
Oil is planning major capital expenditure in the coming years. In the Annual General Meeting, state-run company’s Chairman and Managing Director Ranjit Rath said that the company will spend about Rs 1.3 trillion as part of its capex plan.
While the major portion of the capital expenditure will go to the deep-water exploration projects, other projects of the company, such as green hydrogen, compressed biogas, and biofuels, will also see a substantial investment.
Chairman Rath said the company is looking for Rs 17,000 crore investment in the fiscal year 2025-26 only. Chairman added that as part of its expansion plans, the Numaligarh Refinery of the company in Assam is expected to see completion of expansion by December this year.