ONGC Videsh Ltd has signed a memorandum of understanding (MoU) with SOCAR Trading SA, a subsidiary of the Azerbaijan government-owned oil company, to explore the possibilities of joint marketing of the Indian firm's crude oil portfolio. "Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh's equity crude oil from ACG, Azerbaijan, and based on the performance of this agreement both parties will mutually agree to optimise the price realisation of other crudes from ONGC Videsh's portfolio either through joint marketing or joint venture route," an official statement said. SOCAR Trading was incorporated in December 2007 with a mandate to market Azeri barrels produced from the Azeri-Chirag-Guneshli field and other surrounding fields in Azerbaijan. The MoU was signed on May 27 in Geneva by SP Garg, Director (Finance), ONGC Videsh, and Arzu Azimov, CEO, SOCAR Trading.