Oil India Ltd. signs agreement with Assam Gas Company Ltd.
With an aim to incorporate the city-based distribution network, the Assam Gas Company Ltd. (AGCL) signed an agreement with Oil India Ltd. (OIL) today.
STAFF REPORTER
GUWAHATI: With an aim to incorporate the city-based distribution network, the Assam Gas Company Ltd. (AGCL) signed an agreement with Oil India Ltd. (OIL) today.
The agreement signed in the presence of Chief Minister Himanta Biswa Sarma, OIL CMD Ranit Rath, and AGCL Chairman Bolin Chetia was for the establishment of a joint venture company with the mandate to lay, build, and operate city natural gas distribution networks in parts of Assam and Tripura.
Apart from building local natural gas grids and providing piped natural gas to domestic and commercial establishments in Lakhimpur, Dhemai, Darrang, Udalguri, Sonitpur, Biswanath Chariali, and a few other districts of Tripura for the time being, the joint venture company shall also set up numerous compressed natural gas (CNG) stations.
Speaking on the occasion, the Chief Minister said, "AGCL will have 51 percent and OIL will have 49 percent shares in the joint venture company."
The Chief Minister said that the joint venture company would aid in the state’s endeavour to make the transition towards a greener fuel-based economy in sync with the Government of India’s Northeastern Hydrocarbon Vision 2030. He said that the signing of the agreement between AGCL and OIL would provide a major thrust to the ongoing process of industrial development in the state.
The agreement was signed by AGCL MD Gokul Chandra Swargiyari and OIL ED Abhijit Borgohain. State Industries Minister Bimal Borah and NRL MD Bhaskar Jyoti Phukan were also present at the signing of the agreement.
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