|Date: March 29, 2010|
|PSO join hands with LPG Auto Gas Business Partner |
|March 29, 2010: PSO has signed an agreement with M/s Petrosin whereby the party shall arrange and supply LPG to PSO's auto gas stations. The party shall also invest in the infrastructure for the establishment and operation of selected PSO's auto gas stations. |
PSO had been discussing this business arrangement with other interested parties. However, based on the best commercial terms offered to PSO, the agreement has been finalized with M/s Petrosin. In future PSO shall be willing to join hands with other interested reputable parties of LPG industry for similar business arrangements.
The introduction of LPG as an auto fuel will not only help reducing the burden on other primary fuels including CNG which is already a deficit product but also shall help curb the menace of illegal decantation of LPG in the country. It shall also serve as an environmental friendly and economical fuel alternative for motorists.
This strategic initiative is expected to positively impact the bottomline of PSO and result in an additional revenue stream for the company in years to come.