IOC, BPCL, HPCL to form Joint Venture Company | | Udaipur News | Udaipur Latest News | udaipur local news । Udaipur Updates
Home / BUSINESS / IOC, BPCL, HPCL to form Joint Venture Company

IOC, BPCL, HPCL to form Joint Venture Company

Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have signed an Agreement on June 03, 2019 for formation of a Joint Venture Company for implementation and subsequent operation of 2757 Km long LPG Pipeline from Kandla, Gujarat to Gorakhpur, UP. IOC, BPCL and HPCL would have 50%, 25% and 25% equity holding in the JV Company.

The proposed pipeline will source product from Kandla and other LPG import terminals on West Coast and two refineries at Koyali, Gujarat and Bina, MP and would directly link 22 LPG bottling plants in Gujarat (3), MP (6) and UP (13) owned by the three promoter companies. In addition, the pipeline would feed LPG through road-bridging to additional 21 LPG bottling plants in Rajasthan, Gujarat, MP, Maharashtra and UP.

The pipeline is expected to provide reliability in the supply chain of LPG. Besides economic benefit as compared to Road Transportation, movement of LPG by Pipelines shall enhance safety as well.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

Please share this news