Minister of Petroleum and Natural Gas & Steel has witnessed the signing of a Joint Venture Agreement (JVA) between IOC Middle East FZE, a subsidiary of Indian Oil based in Dubai and RR Holdings Ltd. of Beximco Group, in the presence of H.E Salman Fazlur Rahman, Advisor to Hon.
Daily Current Affairs Quiz 2020
Key-Points
This is part of Hon’ble Prime Minister Shri NarendraModiji’s vision to build an “Energy Bridge” with Bangladesh as a part of our “Neighbourhood First” policy.
The recent official visit of Hon’ble Prime Minister of Bangladesh to New Delhi in October 2019 further strengthened the engagement and opened new vistas of co-operation.
this event marks yet another step towards expanding bilateral energy cooperation with Bangladesh and expressed confidence that the experience of IndianOil as a pioneer in implementing Pradhan Mantri Ujjwala Yojana towards enhancing rural penetration of LPG as a clean cooking fuel in India, would help in promoting the use of LPG in Bangladesh.
This joint venture in Bangladesh would be a catalyst of socio-economic change through increase in access to clean cooking fuel in Bangladesh.
As Bangladesh’s middle class is rising with higher purchasing power, the LPG sector has seen a remarkable growth over the years and is set to grow further in the coming years.
As such, a partnership and investment at this scale between two experienced and major players has every potential to be a true game changer in the industry.
