BPCL, HPCL take 25% stake each in Indian Oil’s Rs 9,000 crore LPG pipeline project

Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have joined in the country’s longest LPG pipeline project being laid by Indian Oil Corporation (IOC).

In the Rs 9,000 crore project that is aimed at catering to cooking fuel needs of a fourth of the country’s population, BPCL and HPCL will take 25 per cent stake each.

The project involves laying of a pipeline from Kandla in Gujarat to Gorakhpur in Uttar Pradesh, said the companies said in their respective regulatory filings.

According to the filings, “IOC, BPCL, and HPCL have signed an agreement on June 3, 2019, for the formation of a joint venture company for implementation and subsequent operation of 2757-km long LPG pipeline from Kandla, Gujarat to Gorakhpur, UP.”

Indian Oil Corporation, which had in 2016 proposed laying of the pipeline, will hold the remaining 50 per cent stake.

Image Credit : bizshort.in

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