NEW DELHI: Indian Oil Corp, the nation's largest refiner and fossil fuel retailer, in in talks with Bangladesh and Myanmar to enhance trade of petroleum products and offer its expertise to set up oil infrastructure in the two countries, reports Economic Times (ET) on Thursday.
This month, Indian Oil will open offices in Bangladesh and Myanmar, with a plan to closely pursue business opportunities in the two countries. "For the neighbouring countries, we are not only looking for business, we are looking for association beyond business. Because these countries are also facing similar problems which we have encountered in past, we will be happy to share our experience with them and help them in solving whatever problems they are facing," Indian Oil Corp Chairman Sanjiv Singh told ET.
The first thing that may materialise in a month or so is a deal for liquefied petroleum gas (LPG), or cooking gas, under which Bangladesh would export LPG to Indian north-eastern states. "We are working on concepts that their trucks can come to India and give us LPG. Rather than we trying to feed those parts of North-East, all along from Haldia, it makes tremendous sense (to depend on Bangladesh trucks for supply)," Singh said. Bangladesh imports all LPG it needs, and the plan is to augment import for supply to North-Eastern states.
Indian Oil also plans to offer petrol, diesel and other petroleum products it produces at its coastal Paradip refinery to Bangladesh and Myanmar. Recently it sold spot cargoes of diesel and jet fuel to Myanmar and is hoping to strike long-term deals with the two countries for product supplies.
"Nobody can supply product cheaper to Bangladesh than Paradip," Singh said.
© 2024 - All Rights with The Financial Express
