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Our Bureau

Mumbai , March 29

Bharat Petroleum Corporation Ltd (BPCL) has tied up with MMTC for entering international trading in petro products in a big way.

BPCL, currently exporting certain products such as furnace oil and naphtha to neighbouring counties, sees great scope for global trading in petro products using the MMTC's international marketing network.

The company said on Wednesday that it has signed an MoU with MMTC under which both companies haves agreed to jointly operate in international trading in products such as LNG, bitumen, furnace oil, paraffin wax and base oil.

Joint biz plan

A joint business plan will be worked out shortly, said a senior BPCL official. Besides selling BPCL products and buying crude for its refineries, the plan is to buy and sell third party products. The companies may also explore setting up a joint venture in the future. BPCL's exports currently amounts to only about Rs 500 crore.

BPCL will be using MMTC's Singapore subsidiary for buying and selling crude and petroleum products, chartering of ships and other trading activities. It will also use MMTC's facilities in various overseas free trade zones. MMTC has an annual turnover of over Rs 15,000 crore.

More Stories on : Alliances & Joint Ventures | Petroleum | Bharat Petroleum Corporation Ltd

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