Oil India Limited has informed the Exchange regarding a press release dated August 26, 2025, titled "OIL and BPCL Execute JV Agreement for City Gas Distribution in Arunachal Pradesh".
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Oil India Limited (OIL) and Bharat Petroleum Corporation Limited (BPCL), both Maharatna PSUs, have signed a Joint Venture Agreement to form a new company for City Gas Distribution (CGD) in Arunachal Pradesh. The JV will set up CNG stations and supply Piped Natural Gas (PNG) to homes, businesses, and industries in the state. The CGD project was originally awarded to the OIL-BPCL consortium during the 12th CGD Bid Round conducted by PNGRB. The agreement was signed at BPCL's Corporate Office in the presence of the CMDs of both companies. This move supports the government's push to build a gas-based economy and expand clean energy access in the North-East.
This is a positive development for OIL shareholders as it expands the company's footprint beyond upstream oil & gas into the downstream city gas distribution business, opening up a new long-term revenue stream in a region where OIL already has strong hydrocarbon operations.