For the development of natural gas infrastructure, city gas distribution, and supply of this fuel, Indian Oil Corporation on Tuesday signed a memorandum of understanding (MoU) with Punjab State Industrial Development Corporation (PSIDC).
The agreement was signed in the presence of state industries and commerce minister Madan Mohan Mittal, PSIDC managing director Raminder Singh, and Indian Oil Corporation general manager (gas) RK Tiku. The oil corporation GM briefed the minister that work had started on developing the city gas distribution network in SAS Nagar, Zirakpur, Banur, and Dera Bassi. Under the project, more than `200 crore will be invested in Punjab over the next three to five years.
Mittal appreciated the joint venture and called for attention to the energy sector for industrial development in the state. He assured the oil company of full support of the Punjab government in implementing the deal.