SM Vaidya said at a press conference on Q1 results that Indian Oil Petronas Pvt Ltd (IPPL) would install a gasoline pump and begin retailing transportation fuel and natural gas.
Indian Oil plans to introduce a new fuel and gas retail venture in collaboration with Petronas.
Indian Oil Petronas Pvt Ltd, a joint venture between Indian Oil Corporation (IOCL) and Malaysia’s state-owned Petronas, is reported to begin retailing transportation fuels and natural gas in India. Indian Oil plans to work with Petronas to introduce a new fuel and gas retail venture, according to a report from ETAuto. At a press conference on the company’s June quarter results, SM Vaidya said that Indian Oil Petronas Pvt Ltd (IPPL) would install a gasoline pump and begin retailing transportation fuel and natural gas.
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The joint venture is currently engaged in the import, storage and bottling of liquefied petroleum gas. Vaidya said IPPL aims to give the fuel retail business a separate brand identity and will not affect IOC sales. He added that the new venture could be interpreted as a type of monetization of Indian Oil’s fuel marketing business.
Vaidya told ET Auto, “New ventures won’t dig into Indian Oil’s existing business. There’s no cannibalism issue as the overall energy pie is growing. We put global corporate best practices in India. But it won’t happen. Sacrifice our own market share. “
However, Indian Oil did not share detailed information about investments, timeframes, or fuel procurement.
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Indian Oil-PETRONAS Joint Venture Plan to Retail Indian Automotive Fuels and Natural Gas
Source link Indian Oil-PETRONAS Joint Venture Plan to Retail Indian Automotive Fuels and Natural Gas