OIL and BPCL Execute JV Agreement for City Gas Distribution in Arunachal Pradesh

Oil India Limited (OIL) AND Bharat Petroleum Corporation Limited (BPCL) both Maharatna Public Sector Enterprises, today formalized a Joint Venture Agreement (JVA) at the BPCL Corporate Office to establish a Joint Venture Company (JVC). The agreement was signed in the presence of Dr. Ranjit Rath, Chairman & Managing Director, OIL and Shri Sanjay Khanna, Director (Refineries) with Additional Charge of Chairman & Managing Director, BPCL. The JVC will create a gas distribution network in Arunachal Pradesh, which includes the establishment of Compressed Natural Gas (CNG) stations and the provision of Piped Natural Gas (PNG) to domestic, commercial, and industrial consumers. This initiative aims to enhance access to clean energy and contribute to the socio-economic development of the state, in alignment with the Government's vision of fostering a gas-based economy.

Speaking on the occasion, Dr. Ranjit Rath, CMD, OIL, stated, "The establishment of City Gas Distribution in Arunachal Pradesh is a significant step in OIL's ongoing initiative to realise the vision of bringing clean and reliable energy to the region. OIL has a long-standing legacy of hydrocarbon production in the state and with the commissioning of Kumchai-Kusijan gas pipeline last year, we successfully reinforced our role as an anchor in advancing the Government of India's hydrocarbon vision for the North-East."

Shri Sanjay Khanna, CMD of BPCL, remarked: "This Joint Venture reaffirms BPCL's commitment to expanding clean energy access across India, with special focus on the North-East. Together with OIL, we will build a strong City Gas Distribution network to serve households, industries, and transport. Arunachal Pradesh holds great potential, and through this initiative we aim to drive sustainable growth, improve quality of life, and support India's vision of a gas-based economy".

This company will undertake the City Gas Distribution (CGD) project in Arunachal Pradesh, awarded to the OIL- BPCL consortium during the 12th CGD Bid Round conducted by the Petroleum and Natural Gas Regulatory Board (PNGRB).

Shares of Bharat Petroleum Corporation Limited was last trading in BSE at Rs. 312.25 as compared to the previous close of Rs. 315.70. The total number of shares traded during the day was 95406 in over 1919 trades.

The stock hit an intraday high of Rs. 318.75 and intraday low of 311.15. The net turnover during the day was Rs. 29971804.00.

Shares of Oil India Limited was last trading in BSE at Rs. 399.00 as compared to the previous close of Rs. 408.95. The total number of shares traded during the day was 31639 in over 1246 trades.

The stock hit an intraday high of Rs. 409.00 and intraday low of 397.00. The net turnover during the day was Rs. 12741885.00.

Source : Equity Bulls

Keywords

BharatPetroleumCorporation INE029A01011 BPCL JVAgreement OilIndia INE274J01014 OIL CityGasDistribution ArunachalPradesh