CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Indian Oil Corporation(IOC) has formed an equal(50:50) Joint Venture(JV) with which country’s company to manufacture and market high-quality innovative bitumen derivatives?

A	United Kingdom
B	Russia
C	USA
D	France

Explanation:

Detailed explanation-1: -French energy giant Total SA and the country’s top oil firm Indian Oil Corp (IOC) on Monday announced a 50:50 joint venture to manufacture and market high-quality bitumen derivatives and specialty products for the growing road-building industry in India.

Detailed explanation-2: -It is a public sector undertaking whose operations are overseen by the Ministry of Petroleum and Natural Gas. Indian Oil is ranked 142nd on the Fortune Global 500 list of the world’s biggest corporations as of 2022.

Detailed explanation-3: -Established in 1959 as Indian Oil Company Ltd., Indian Oil Corporation Ltd was formed in 1964 with the merger of Indian Refineries Ltd. (Estd. 1958). It was originally incorporated as IOCL in 1964.

Detailed explanation-4: -ACQUISITION OF EQUITY OIL ABROAD ONGC-Videsh Ltd. (OVL), a wholly owned subsidiary of ONGC, is active in exploration and development activities of oil and gas in Vietnam.

There is 1 question to complete.