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Thursday, Jul 18, 2002

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IOC to be sole supplier to Gujarat port SEZ

Our Bureau

MUMBAI, July 17

INDIAN Oil Corporation Ltd (IOC) has signed a memorandum of understanding with Gujarat Positra Port Infrastructure Ltd (GPPIL) for becoming the sole supplier of petroleum products to the proposed special economic zone.

The MoU was signed by Mr P K Agarwal, Director (Marketing), IOC, and Mr Rajendra Singh, Chairman, GPPIL on Tuesday, an IOC official said.

IOC will have the sole rights to set up retail outlets, consumer pumps, oil terminals, domestic LPG outlets as well as supplying ATF for aircraft and bunkering for ships in the 25,000 hectare-SEZ. The project will also have a coastline of 35 km and will be situated near Dwarka in Gujarat. Supplying products to the SEZ will entitle IOC to the tax and foreign exchange benefits outlined in the Exim policy this year.

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