IOC Middle East FZE, Dubai, and RR Holdings Ltd., UAE, signed an agreement on Tuesday to form a fifty-fifty share joint venture company for LPG business in Bangladesh.
IOC Middle East FZE is a wholly-owned subsidiary of Indian Oil Corporation while RR Holdings Ltd, Ras Al Khaimah, is the holding company of Beximco LPG of Bangladesh.
Dharmedra Pradhan, Indian minister for petroleum and natural gas and steel, presided over the function, said a press release.
He said that the agreement was a major milestone in the annals of India-Bangladesh cooperation. The minister expressed confidence the new joint venture would be the catalyst of socio-economic change in Bangladesh through greater penetration of affordable LPG in the country.
Salman Fazlur Rahman, private industry and investment adviser to the prime minister of Bangladesh, said, ‘The JVC should serve as a testament to the remarkable investment potential of Bangladesh under the leadership of prime minister Sheikh Hasina. At a time when the entire world is grappling with the severe economic consequences of the COVID-19 pandemic, this investment also reflects the resilient and enduring friendship between Bangladesh and India.’
Nasrul Hamid, state minister for power, energy and mineral resources of Bangladesh, also spoke at the event.
Sanjiv Singh, chairman of Indian Oil, also joined the programme.
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