India-Bangladesh sets up 50:50 Joint Venture Company for LPG business in Bangladesh

The State-owned Indian Oil Corp (IOC) and Bangladesh’s Beximco LPG have entered into an agreement for the formation of a 50:50 Joint Venture Company (JVC) for importing liquefied petroleum gas in Bangladesh.
The agreement was signed in this regard on 30 June 2020 between IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IOC, and RR Holdings Ltd, UAE, the holding company of Beximco LPG of Bangladesh.
The Joint Venture Company will help reduce the cost of import of LPG in Bangladesh and make it more affordable for the consumers of the country.