IOC Middle East and RR Holdings sign JV

IOC Middle East and RR Holdings sign JV

IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IndianOil Corporation, India's largest refiner and marketer of petroleum products, and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, have signed an agreement for the formation of a 50:50 Joint Venture Company (JVC) for LPG business in Bangladesh.

Dharmedra Pradhan, India's Minister for Petroleum & Natural Gas and Steel, who presided over the function, said that the agreement is a major milestone in the annals of India-Bangladesh cooperation when a group company of IndianOil 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 Minister expressed confidence that similar to the success of LPG penetration in rural India, 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 MP, 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 Hon'ble Prime Minister Sheikh Hasina. At a time when the entire world