IOC signs Bangladesh JV
New Delhi   18-Apr-2016

India and Bangladesh will scale up hydrocarbon cooperation this week with state-owned firms Indian Oil Corp. Ltd (IOC) and Bangladesh Petroleum Corp. (BPC) en­ter­ing into joint venture projects, leveraging the expertise of the companies and the geographic advantages of the two nations, said a statement from the oil ministry. IOC seeks to build hydrocarbon infrastruc­ture in Bangladesh, including a liquefied petroleum gas (LPG) import terminal at Chittagong, from where the fuel could be trans­ported to India through a “friendship pipeline”.

Oil minister Dharmendra Pradhan, who on Sunday reached Bangladesh, will witness the signing of a memorandum of understanding on broad aspects of cooperation in downstream oil and gas sector opportunities in Bangladesh between IOC and BPC. Bangladesh’s Eastern Refineries Ltd will also hire Engineers India Ltd as a management consultant for a 3 million tonne refinery expansion project.