Indian Oil Corporation (IOC), the nation’s largest refiner and fossil fuel retailer, is in talks with Bangladesh and Myanmar to enhance trade of petroleum products and offer its expertise to set up oil infrastructure in the two countries.
In line with Prime Minister Narendra Modi’s ‘Act East Policy’, state-owned oil marketing firm, HPCL said on Friday that it has become the first Oil Company from India to mark its presence in the lubricant market in Myanmar.
India is very keen to explore the shared future in energy network along with three key neighbouring countries, Bangladesh, Myanmar and Nepal.
India has started exporting diesel to Myanmar via a land route, in a boost to Prime Minister Narendra Modi’s pledge to enhance hydrocarbon trade with neighbouring countries.
Symbolising the growing hydrocarbon engagement between India and Myanmar, the first consignment of 30 MT of High Speed Diesel was sent today from India to Myanmar by land route.
The first consignment of high speed diesel from India will reach Myanmar on September 3, Parami Energy Group CEO Ken Tun has said.
India is ramping up infrastructure spending to expedite development of highways connecting country’s North East with Mynamar and Thailand as it gears up to compete with the Dragon for access to these markets.
India has tied up with its neighbours — Myanmar, Bangladesh and Nepal – to lay a web of cross-border pipelines to transport petroleum products and LPG as part of an ambitious energy network projects.
The Union Cabinet on Wednesday approved upgradation of a 65-km-long National Highway in Manipur to boost the state’s connectivity with south and southeast Asia via Myanmar.
Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route.