New Delhi, Aug. 26 -- State-run Oil and Natural Gas Corp. (ONGC) is looking to set up a trading unit for oil & gas, petroleum products and petrochemicals produced by its group companies, according to a top official.

Trading would be the key step for oil and gas companies of the country, said Rajarshi Gupta, managing director of ONGC Videsh Ltd (OVL), the overseas arm of ONGC.

"We have created a commodity trading group of oil and gas in ONGC, exclusively for (looking into the aspect of) trading," Gupta said while addressing the 3rd Energy Summit of Indo-American Chamber of Commerce. "We are going forward with that and we do see that in the near future trading will be required for India especially with so many sources and so much peak dem...