Indian Oil Corporation (IOL), the largest fuel company in the country, is having dialogues with Bangladesh and Myanmar to enhance trade of petroleum products and also offer its expertise to set up oil infrastructure in the two neighbouring countries, according to an Economic Times report.
As a first step, a deal is going to be materialized soon, for liquefied petroleum gas (LPG), or cooking gas, under which Bangladesh would export LPG to the north-eastern states of the country.
“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 the north-East, all along from Haldia, it makes tremendous sense to depend on Bangladesh trucks for supply,” Indian Oil chairman Sanjiv Singh told the business daily.
This month, Indian Oil is planning to setup offices in Bangladesh and Myanmar, with a plan to closely pursue business opportunities in the two neighbouring countries.
“For the neighbouring countries, we are not only looking for business, but also looking for tie-ups 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,” Singh further said.
Bangladesh imports all LPG it needs, and the plan is to supplement import for supply to the north-eastern states.
Indian Oil is also mulling on prospects of offering petrol, diesel and other petroleum products to Bangladesh and Myanmar from those produced at its coastal Paradip refinery. Recently, it sold spot cargos of diesel and jet fuel to Myanmar and is hopeful of striking long-term deals with the two countries for product supplies, the report further said.