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Indian Oil to pump Rs 1200 crore in CNG distribution in Burdwan IOC had partne…

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Indian Oil to pump Rs 1200 crore in CNG distribution in Burdwan IOC had partnered Adani Gas private Ltd for both east and west Burdwan districts in the ninth round of bidding for city gas distribution project. (Reuters) Indian Oil Corporation (IOC) has said it will infuse Rs 1200 crore over the next 6-7 years to create infrastructure of laying LPG pipeline and installing CNG stations in the two Burdwan districts of West Bengal. City piped gas can be a reality in the district in the next two years along with compressed natural gas (CNG) stations and the foundation stone laying ceremony is scheduled on November 22 IOC (West Bengal) Executive Director Dipankar Ray said Monday. IOC had partnered Adani Gas private Ltd for both east and west Burdwan districts in the ninth round of bidding for city gas distribution project. We will build 80 CNG stations for automotive fuel and offer a minimum of 2.5 lakh of piped gas connections in the next 8 years. In the first phase 12 CNG stations and connection target is 12000 in 2020 and the joint venture proposes to add similar numbers each year thereon Ray said. Based on current prevailing prices of CNG it is almost half of petrol and diesel while for the retail cooking gas consumers it is equivalent to subsidised liquefied petroleum gas (LPG). The Indian Oil-Adani Gas private Ltd joint venture is banking on CNG supply from the proposed GAIL Jagdishpur-Haldia gas pipleline which is expected in 2020 according to the IOC officials. Get live Stock Prices from BSE and NSE and latest NAV portfolio of Mutual Funds calculate your tax by Income Tax Calculator know markets Top Gainers Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter. ift.tt/2TsKEox

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