Indian Oil Corporation (IOC), the country’s oil and gas corporation, has entered into a bid for the rights to store, import and distribute petroleum products in Myanmar.
The company said: “We have put in a bid to enter fuel marketing and retail business in Myanmar.”
Last year, the state owned petroleum products enterprise, Myanmar Petroleum Products Enterprise (MPPE) had invited companies to form a venture for petroleum project through a tender. Also a separate tender for cooking gas and LPG was declared and IOC bid for it.
MPPE plans to tie up with foreign companies and will hold 51 per cent of the equity in the company to expand the business and rehabilitate existing facilities.
Singaporean firms, Puma Energy Group and BB Energy (Asia), and a consortium of Japan’s Marubeni Corporation and Tokai Holdings has also bid along with IOC.