The Oil and Natural Gas Corporation (ONGC) and Ashok Leyland Projects Services Ltd. (ALPS) have signed a Memorandum of Understanding (MoU) to create a joint venture (JV) to cooperate on liquefied natural gas (LNG) exploration and sourcing.
ONGC As part of this deal, the new JV will explore LNG from Iran, Qatar, Kuwait, Libya, Oman , Saudi Arabia, and the United Arab Emirates (UAE). Similar to the JV with Mittal Steel, ONGC will hold 49.98% and ALPS 48.02% and the rest by financial institutions and banks
