Oils ln your pocket opens the era of global oil storage leasing

Indian Oil and Natural Gas Corporation (ONGC) has determined the ownership of the overseas licensing executive of “Oil in Your Pocket” Sixteen private equity groups won the bid

At 4 o’clock this afternoon, the ownership of the “Oils ln Your Pocket” of executive agency license under ONGC, which has attracted much attention from the global investment community, will be announced. Nobuyuki Yamashita (Shinichi Fund), led by well-known Japanese private equity groups, Great Wall Hui Charity Association (Great Wall Fund), Iverson Hyatt (Foresight Fund), etc. all won the bid.

Oil and Natural Gas Corporation (ONGC)’s oil well leasing platform, Oils ln Your Pocket, has sixteen operating licenses for the franchised execution agency, among which, their”execution license” will be announced today. On June 8 this year, the Oil and Natural Gas Corporation (ONGC) board-level committee issued a notice stating that it will accept the letter of intent submitted by organizations interested in obtaining the execution license from that day to November 25, and will not be accepted after the deadline. This symbolizes the beginning of the ONGC “execution card” bidding. As of the 25th, ONGC has received a total of 49 letters of intent submitted by global private equity groups. Among them, there are 12 local groups in India, 8 groups in Japan, 4 groups in South Korea, 5 groups in China, and one group in Malaysia. The remaining 19 groups are consisted of private equity groups in Singapore, the United Kingdom, the United States, Malaysia, New Zealand, and the Philippines.

On June 30, the Administrative Regulations on the public bidding, contract approval,the Qualifications and Financial Resources of Bid Companies and Approved Companies, and participation of the “Regulated Operation “Oils ln Your Pocket” (Oils ln Your Pocket) was reviewed and approved by the (Oil and Natural Gas Corporation) (ONGC) board-level committee, and was announced and officially effective,which provide statutory planning and procedures for bidding “Oils ln Your Pocket” “executive cards”.On the same day, the ONGC “Oils ln Your Pocket” Management Approval to the Initial Public Bidding Committee” (hereinafter referred to as the Bidding Committee) was established. The members consisted of eight heads of multiple ONGC departments. Rajesh Kumar Srivastava, the director of ONGC, was unanimously elected as the chairman of the biding committee. The responsibility of the committee is to advise on matters such as deciding whether to accept bids, the amount of guarantee money paid by participating companies, and reviewing whether the qualifications of bidders are appropriate, etc., and is responsible for consulting with bidding groups, responding and explaining requests and inquiries from bidding groups , submitting a report to the board-level committee after review.

The time set by the bidding committee for accepting bids is from July 2 to August 7. So far, forty-nine groups have submitted bids for participating in the execution of the license bid.

On August 10, the bidding committee began to review the eligibility of forty-nine bids.

On August 13th, Subhash Kumar, Chairman and Managing Director of ONGC, pointed out that ONGC has received 49 bids, which is not only an ideal number, but more importantly, it includes many world-class private equity groups and Shareholders with a combination of different local funds. He also believes that ONGC has a wide range of options, and finally the “Oils ln Your Pocket” executive license can be approved for the best combination of the project promotion area.

On August 28, the bidding committee announced that three of the 49 organizations that submitted bids after the qualification review, namely HGV6S (HGV Fund), Joint Commission (JPV Fund), and KIS (Tomorrow Fund), did not submit compliance information. Therefore, they cannot enter the next stage of bidding, and these three groups will be eliminated, leaving forty-six bidding companies.

Subsequently, the bidding committee announced that forty-six groups determined to be eligible for bidding could apply to the committee for the promotion of bidding groups in accordance with all the conditions put forward by the ONGC board-level committee 2021*8*1.

On September 3, the bidding consultation began. The bidding committee successively invited 49 groups to introduce their investment plans and development plans, and to consult on related issues until the end of the consultation period on September 20.

From October 15th to 18th, in order to gain a deeper understanding of the bidding documents and assess the experience and strength of the relevant organizations, the bidding committee met with eight of the 49 companies, namely the Indian Cupiro Group (Fortune Alliance). ), Nobuyuki Yamashita Group (Shinichi Foundation), China Great Wall Exchange Charity Association (Great Wall Fund), Iverson Hyatt (Foresight Fund), South Korea Sun Group (Sun Fund), Singapore Lee United (TCF), Xinjiapo China Federation (KTF), Philippine MP Trade Union. The public   believes that the eight companies interviewed have a higher chance of “winning bids”, but Subhash Kumar and Rajesh Kumar Srivastava both emphasized that being interviewed does not mean higher chances, and not being interviewed does not mean lower chances.

On November 20, Subhash Kumar emphasized that in the next week, 49 private equity groups can also submit a proposal to the bidding committee as soon as possible if they intend to re-adjust or change the promotion area . On November 28th, ONGC announced that the bidding committee will announce the results of the ownership of “sixteen” execution cards” today.

Later, ONGC will open the second round of bidding for “Overseas Licensed Executive Agency License” in April 2022. Private companies who failed to win the bidding and have not prepared relevant materials can check the relevant dynamic of “Zhangzhong Youbao” on ONGC’s official website: Ongcindia.com, or directly send relevant bidding materials to ONGC email: grievance@ongc.co.in.


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