MOU
JV agreement between IOC Middle East FZE and RR Holdings Ltd
New Delhi:The JV agreement between IOC Middle East FZE and RR Holdings Ltd is a major milestone in the annals of India-Bangladesh cooperation when a group company of Indian Oil based in Dubai is joining hands with one of the most promising LPG companies in Bangladesh through its holding company in UAE for LPG business in Bangladesh. The new joint venture would be the catalyst of socio-economic change in Bangladesh through greater penetration of affordable LPG in the country.
The global COVID-19 pandemic, India is ready to supply LPG at affordable rates to rural Bangladesh. IOC Middle East FZE, Dubai, which is a wholly-owned subsidiary of Indian Oil Corporation, and RR Holdings Ltd., Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, inked an agreement for setting up a 50:50 joint venture for LPG business in Bangladesh.
Indian Oil Corporation Limited (IOCL), commonly known as Indian Oil is an Indian government-owned oil and gas company headquartered in New Delhi. The world of Indian Oil, a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals and alternative energy sources; a world of high-calibre people, state-of-the-art technologies and cutting-edge R&D; a world of best practices, quality-consciousness and transparency; and a world where energy in all its forms is tapped most responsibly and delivered to the consumers most affordably.
The gross refining margin (GRM) during the first half of year 19-20 was US$ 2.96 per bill as compared to US$ 8.45 per bill in corresponding period of previous financial year."
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