Left Menu
Development News Edition

Pradhan witnesses signing of JVA between IOC Middle East FZE and RR Holdings

Shri Pradhan, while speaking on the occasion, talked about the long-standing relationship between India and Bangladesh which are joined by history, culture, and shared sacrifice.

Devdiscourse News Desk | New Delhi | Updated: 01-07-2020 15:13 IST | Created: 01-07-2020 15:13 IST
Pradhan witnesses signing of JVA between IOC Middle East FZE and RR Holdings
Mr Sanjiv Singh, Chairman, IndianOil, and Mr.Shayan F Rahman, Chairman, RR Holdings Ltd. also spoke on the occasion. Image Credit: Twitter(@PIB_Guwahati)

Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan witnessed on Tuesday the signing of a Joint Venture Agreement (JVA) between IOC Middle East FZE, a subsidiary of Indian Oil based in Dubai and RR Holdings Ltd. of Beximco Group, in the presence of H.E Salman Fazlur Rahman, Advisor to Hon. PM of Bangladesh, H.E Nasrul Hamid, State Minister for Power, Energy & Mineral Resources, Bangladesh. Through this Joint Venture, IOCL together with Beximco plans to further expand its downstream business in Bangladesh and other countries.

Shri Pradhan, while speaking on the occasion, talked about the long-standing relationship between India and Bangladesh which are joined by history, culture, and shared sacrifice.

Speaking about the role of the energy sector in India-Bangladesh relationship, he said, "I am happy to note that energy cooperation between our two countries has made considerable progress during the last few years. This is part of Hon'ble Prime Minister Shri Narendra Modi Ji's vision to build an "Energy Bridge" with Bangladesh as a part of our "Neighbourhood First" policy. The recent official visit of Hon'ble Prime Minister of Bangladesh to New Delhi in October 2019 further strengthened the engagement and opened new vistas of co-operation."

Speaking about the Joint Venture Agreement, he said that this event marks yet another step towards expanding bilateral energy cooperation with Bangladesh and expressed confidence that the experience of IndianOil as a pioneer in implementing Pradhan Mantri UjjwalaYojana towards enhancing rural penetration of LPG as a clean cooking fuel in India, would help in promoting the use of LPG in Bangladesh. This joint venture in Bangladesh would be a catalyst of socio-economic change through an increase in access to clean cooking fuel in Bangladesh, he further added.

H.E Salman Fazlur Rahman, Advisor to Hon. PM Bangladesh said: "The JVA should serve as a testament to the remarkable investment potential of Bangladesh. 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."

H.E Nasrul Hamid, State Minister for Power, Energy & Mineral Resources, Bangladesh said, "As Bangladesh's middle class is rising with higher purchasing power, the LPG sector has seen remarkable growth over the years and is set to grow further in the coming years. As such, a partnership and investment at this scale between two experienced and major players have every potential to be a true game-changer in the industry."

Mr Sanjiv Singh, Chairman, IndianOil, and Mr.Shayan F Rahman, Chairman, RR Holdings Ltd. also spoke on the occasion.

(With Inputs from PIB)


TRENDING

OPINION / BLOG / INTERVIEW

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

COVID-19: Weighing up the benefits and limitations of edtech platforms

Edtech companies shouldnt focus on merely pushing contents, but to provide an interactive, effective teaching and learning environment. ...

Shipping industry's COVID-19 resilience test could boost digitalization

The push towards digitalization in shipping industry was already happening and has been further accelerated by the pandemic as current practices are not tenable under present circumstances and would definitely not be in the future....

Health is pure science but why objectivity eludes WHO

We certainly need a global body to coordinate responses against health emergencies. However, this sheer need of humanity on this planet should not be milked by the World Organization WHO to overshadow constructive criticism and call for ref...

Videos

Latest News

Tea, Haritaki extracts may act as potential therapeutic options against COVID-19: IIT Delhi study

Extracts from tea and Haritaki, commonly known as Harad, have the potential to act as therapeutic options against COVID-19 infection, a new study by the Indian Institute of Technology IIT, Delhi has found. The study also suggested the possi...

UK judge rejects tabloid's bid to throw out Depp libel suit

A British judge on Thursday rejected an attempt by tabloid newspaper The Sun to quash a libel suit from actor Johnny Depp over an article claiming he abused his ex-wife. Depp is suing the newspapers publisher, News Group Newspapers, and Exe...

FACTBOX-Why singer's killing ignited deadly clashes among Ethiopia's Oromo people

The Oromo, Ethiopias largest ethnic group, have long complained of their exclusion from political power. Many welcomed the 2018 appointment of Prime Minister Abiy Ahmed but now some say he has not done enough for his community and question ...

Is Gotham Season 6’s renewal possible? Know what Fox revealed during Season 5’s renewal

The renewal of Gotham Season 6 is yet to be done and it seems highly unlikely. Although the series lovers have a severe demand for the sixth season, still the chances are very less as the fourth season didnt receive a decent viewers rating ...

Give Feedback