IOC in talks with RIL, GAIL for city gas venture

State-run Indian Oil Corporation (IOC) is in talks with Oil and Natural Gas Corporation (ONGC), Reliance Industries (RIL) and GAIL (India) to form a joint venture for city gas distribution.

Through its first joint venture, Green Gas (GGL), the company along with GAIL is operating in Lucknow and Agra.

B M Bansal, director business development, IOC, said: "We are in discussion with these companies to form a joint venture for city gas distribution. But we will be able to finalise it only after the Petroleum and Natural Gas Regulatory Board (PNGRB) comes out with its guidelines."

In November 2007, PNGRB had proposed a competitive bidding process to select public and private entities for developing city gas distribution networks in the country.