Indian Oil Corporation on Tuesday signed a memorandum of understanding (MoU) with the Punjab State Industrial Development Corporation limited (PSIDC) for the development of natural gas infrastructure, city gas distribution, supply of natural gas and total energy solutions in the State.
The MoU was inked in the presence of Punjab Industries and Commerce Minister Madan Mohan Mittal by PSIDC managing director Raminder Singh and IOC general manager (gas) RK Tiku.Tiku briefed the Minister about the scope of MoU and investment plans of Indian Oil for the State. He also gave details about various initiatives taken by Indian Oil for creating gas-related infrastructure in the country.
IOAGPl, a joint venture (JV) of Indian Oil, has already begun work on development of City Gas Distribution network in areas of Mohali, Zirakpur, Banur and Dera Bassi as a part of the authorisation granted to them for Chandigarh Geographical area.Project envisages an investment of over Rs200 crore in Punjab over the next three-five years. In addition, GIGl, another JV of Indian Oil, is constructing approximately 2,350 km of Bhatinda-Jammu-Srinagar gas pipeline (BJSPl).
As part of this, over 460 kms of gas pipeline will be laid in Punjab with an investment of over Rs1,200 crore. Mittal appreciated the joint endeavour saying that special attention is required to be paid to the energy sector for industrial development in the State. He assured full support of the Punjab for the activities envisaged in the MoU.