Indian Oil plans JV in Bangladesh
Mail Today, Delhi   01-Jul-2020

Indian Oil Corporation, the country's biggest refiner and fuel retailer, will form an equal joint venture with RR Holdings Ltd, the parent firm of Bexmico, for liquefied petroleum gas in Bangladesh, it said in a statement.

The joint venture will aquire Beximco's existing assets and would set up set up a large LPG terminal at a deepwater port in Bangladesh to import LPG in very large gas carriers.

IOC Chairman Sanjiv Singh said the company, which started with lubricant marketing in Bangladesh in 1999, is now joining hands with a formidable partner. LPG market in Bangladesh has seen a five-fold growth in the past five years and is expected to grow at a CAGR of 12-13 per cent, he said.