DHAKA (Reuters) – India Oil Corp, the country’s top refiner and fuel retailer, will form an equal joint venture with RR Holdings Ltd, the parent firm of Bexmico, for liquefied petroleum gas in Bangladesh, it said in a statement.

The joint venture will aquire Beximco’s existing assets and would set up set up a large LPG terminal at a deep-water port in Bangladesh to import LPG in very large gas carriers.