RINL and IOCL Sign 5-Year Agreement for Oil Supply
New Delhi [India], August 27: Rashtriya Ispat Nigam Limited (RINL) has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) for the supply of hydraulic and lubricating oils and greases. The agreement will last from 2024 to 2029.
The signing ceremony took place in the main conference hall of the administrative building at RINL, the corporate arm of Visakhapatnam Steel Plant. The MoU documents were exchanged by AK Bagchi, Director (Projects) and additional charge Director (Operations) of RINL, and B. Anil Kumar, Executive Director and State Head (TPSO-Telangana, Andhra Pradesh State Office) of IOCL.
Prominent officials present included R. Uday Kumar, Executive Director (Lubes) of IOCL, U. Sridhar, CGM (Works) I/c of RINL, VV Somaraju, GM (MM) & in-charge HOD, MM, RINL, R. Sundara Narayanan, CGM (Lubes), TAPSO, IOCL, NVS Murthy, GM (Lubes), TAPSO, IOCL, and Jayashankar Varikkat, GM, TAPSO, IOCL, along with other senior officials from both organizations.
During his address, AK Bagchi highlighted that the MoU would serve as a benchmark for effective industry collaboration for nation-building. He said, “This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building.”
R. Uday Kumar described the signing as a “milestone day,” emphasizing the strong partnership between RINL and IOCL, which began in 1994-95. The new MoU will ensure an uninterrupted supply of lubricants for Visakhapatnam Steel Plant and provide technical support in areas such as lubrication, condition monitoring, bulk oil handling, and used oil management. IOCL will also offer training to RINL officials at their R&D center in Faridabad to help reduce lubricant consumption and maintain optimal usage levels.
Doubts Revealed
RINL -: RINL stands for Rashtriya Ispat Nigam Limited. It is a government-owned steel producer in India, known for its Visakhapatnam Steel Plant.
IOCL -: IOCL stands for Indian Oil Corporation Limited. It is a large government-owned oil and gas company in India, providing fuel and other oil products.
MoU -: MoU stands for Memorandum of Understanding. It is a formal agreement between two or more parties, but it is not legally binding like a contract.
hydraulic oils -: Hydraulic oils are special types of oils used in machines to help them move smoothly and work properly.
lubricating oils -: Lubricating oils are used to reduce friction between moving parts in machines, making them last longer and work better.
greases -: Greases are thick, oily substances used to lubricate machines and keep them running smoothly.
Visakhapatnam Steel Plant -: Visakhapatnam Steel Plant is a large steel factory located in Visakhapatnam, a city in the Indian state of Andhra Pradesh. It is operated by RINL.
AK Bagchi -: AK Bagchi is a senior official from RINL who was involved in signing the agreement.
B. Anil Kumar -: B. Anil Kumar is a senior official from IOCL who was involved in signing the agreement.
technical support -: Technical support means providing help and advice on how to use and maintain machines and equipment properly.
optimize -: Optimize means to make something as good or effective as possible. In this case, it means using the lubricants in the best way to keep the machines running well.