Indian Oil Corporation (IOC) has entered into a memorandum of understanding (MoU) with Uttar Pradesh (UP) government for exploring and executing piped domestic gas projects in the state.
The memorandum of understanding is aimed at developing natural gas infrastructure and a better distribution network. IOC would lay gas pipelines and set up Compressed Natural Gas (CNG) stations after due diligence.
An IOC joint venture had already started groundwork in Allahabad and the domestic consumers there, are expected to be supplied piped natural gas in the next one-and-a-half years. Besides, industrial consumers would be supplied natural gas.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.