Oil India inks JV pact for construction of pipeline

Oil India inks JV pact for construction of pipeline

Oil India Limited (OIL) has signed an agreement at Guwahati in connection with formation of a joint venture company for construction of North-East Gas Grid Pipeline.

The project is coming up in the eight North-Eastern States- Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and Sikkim.

The proposed JV Company will have equal equity contribution from all the five PSU JV Partners.

Indian Oil Corporation Limited (IOCL) recently said it will invest Rs 36.63 billion to lay two pipelines originating from Odisha under the aegis of South Eastern Region Pipelines (SERPL).

Speaking to reporters, P C Choubey, executive director, South Eastern Region Pipelines (SERPL), Bhubaneswar, said, “Since inception, the region has made capital investment of Rs 31.27 billion in various (pipeline) projects. Again investments of another Rs 40 billion will be done by IOCL.”

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