Indian Oil, Petronas to retail fuel, gas in India
State-run Indian Oil Corp (IOC) will partner with Malaysia's Petronas for natural gas and transportation fuel retailing business in India, Press Trust of India reported on July 30.
IOC and Petronas have a 50:50 joint venture, IndianOil Petronas Private, to import LPG. This joint venture will "diversify into natural gas and transportation fuel retailing business," Press Trust quoted IOC chairman Shrikant Madhav Vaidya as saying.
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IOC owns the largest network of petrol pumps in the country. It also has licences to retail CNG to automobiles and piped cooking gas to households in several geographical areas.
Last year, IOC commissioned a hydrogen CNG (HCNG) pilot project in Delhi. The company converted 50 CNG buses to run on HCNG and has revealed significant benefits in reducing exhaust emissions and improving the fuel economy.
In June this year, IOC awarded Tata Motors a tender of 15 hydrogen-based proton exchange membrane fuel cell buses. In addition to supplying the buses to the Research & Development Centre of IOC, Tata Motors will also collaborate with them to undertake R&D projects and collectively study further the potential of fuel cell technology for commercial vehicles.