Oil India Limited signs a deal with MECL to explore critical mineral sources in India and abroad
Oil India Limited (OIL), a Maharatna CPSE under the Ministry of Petroleum and Natural Gas, has entered into a strategic partnership with Mineral Exploration and Consultancy Limited (MECL), a Miniratna-I CPSE under the Ministry of Mines. The two entities signed a Memorandum of Understanding (MoU) to advance the exploration and development of critical mineral resources in India and abroad.
Strengthening India's Mineral Security
The agreement marks a significant step toward securing vital minerals essential for India's industrial and energy sectors. The MoU signing ceremony was attended by OIL’s Chairman and Managing Director, key directors, and senior officials from both organizations, underscoring the importance of this collaboration.
Focus on Critical Mineral Blocks
OIL and MECL will jointly identify and develop mineral-rich blocks to support India's increasing demand for critical minerals. This initiative aligns with the country’s goal of ensuring a steady supply of essential resources for industries such as renewable energy, electric mobility, and advanced manufacturing.
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Exploration of Phop Graphite and Vanadium Block
As part of the partnership, the companies will focus on multiple mineral-rich blocks, including the Phop Graphite and Vanadium block in Arunachal Pradesh, recently awarded to OIL. This project is expected to enhance domestic mineral production and contribute to India's self-reliance in key raw materials.
