The MoU was entered on January 18, into during the Petrotech-2005, utilizing the presence of a large number of delegates from Halliburton, who witnessed the endorsement of the Understanding, endorsed by ONGC's Director (Exploration) Mr. Y B Sinha and Halliburton's Vice President Mr. Marc Mccurley.
Termed as 'Value-based Commercial Alliances', these linkages try to set up flexible business models where ONGC gets a 'Most Favored Client' status and the other party (Halliburton or Baker Hughes in these cases) gets a 'Most Preferred Partner' status.
ONGC has been pitching for such broad corporate strategic alliances with globally-established service-providers, especially in the last few years, as that has been the global norm in the Oil industry around the world.
Mr. Abdallah S Jum'ah, the President and CEO of Saudi Aramco, the Oil & Gas Company with the highest reserves in the world, also highlighted the importance of relationships in the Oil and Gas business, in his address in the Petrotech-2005. "We manage our relationships as we do our reserves".
Last year, there was another such tie-up with Schlumberger. Experts believe that such alliances bring in the much-required win-win partnership approach in business, in contrast to the traditional client-contractor relationship, which is too adversarial to bring in optimal benefits to the contracting parties.
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