India’s seven bluechip oil firms including Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC) have signed an agreement with IIT-Bombay to set up a Centre of Excellence in Oil, Gas and Energy, reports Financial Express.
“The centre of excellence will collaborate to research and explore new technology to improve quality, productivity and efficiency in the energy sector,” Oil Minister Dharmendra Pradhan was quoted saying.
The centre of excellence would avail the technical expertise available with IIT Bombay and the oil and gas industry. This would also provide an institutionalised platform for industry-academia interactions.
Stating that energy is the key to any economy, Pradhan said that the aim of setting up such centre is to make a mechanism to link up energy industry and academics to address energy requirements with innovative, indigenous technology.
The MoU, as per the Minister should be outcome based and must have a roadmap for deliverables. The memorandum was signed by heads of Indian Oil Corp (IOC), Oil and Natural Gas Corp (ONGC), GAIL India Ltd, Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Oil India Ltd and Engineers India Ltd.
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