IndianOil, Petronas JV to foray into fuel, natural gas retail biz
Indianoil Petronas Private Ltd (IPPL) — a joint venture between state-owned Indian Oil Corporation (IOC) and Malaysian oil and gas company Petronas — is set to enter the fuel retailing and natural gas retailing business, IndianOil Chairman SM Vaidya said on Friday. The JV is currently engaged in the import, storage, and bottling of liquefied petroleum gas (LPG).
“We have cleared the IndianOil Petronas Private Limited diversification into natural gas, and transportation fuel retailing business,” Vaidya said in a press conference announcing the company’s June quarter results.
He said the new venture would not cannibalise the sales of IOC as India’s demand for energy was increasing and the growth of the IPPL would not be at the cost of Indian Oil’s market share.
