Indian Oil Corporation (IOC) has submitted its bid to enter fuel marketing and retail business in Myanmar. The state-run firm currently has marketing subsidiaries in Sri Lanka, Mauritius and West Asia. IOC, as part of its overseas expansion, is set to come up with its first international product pipeline to Nepal.
“We have submitted a bid to start retail outlets and also to set up LPG plants in Myanmar,” said Anish Aggarwal, director (pipelines) of IOC, on the sidelines of a summit organised by Project Management Institute.
Last year, Myanma Petroleum Products Enterprise had invited private companies to form a joint venture for importing, storage, distribution and sale of all petroleum products. The concept of this pipeline was first proposed in 2006 as a joint venture between IOC and Nepal Oil Corporation (NOC). However, it never took off as NOC was not keen on the project.
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