Nay Pyi Taw, April 1 (IANS): Indian state-run company Indian Oil Corp. (IOC) has bid for fuel trade with Myanmar, the media reported on Friday.

Myanmar Petroleum Products Enterprise (MPPE) offered the tender to cooperate as a joint venture for import, storage, distribution and sale of all petroleum products except liquefied petroleum gas (LPG) and liquefied natural gas (LNG). IOC has bid by 1.64 percent for that tender.

The joint venture will last for the maximum 30 years with two extensions for 10-year periods. MPPE will hold 51 percent of equity while the foreign company will hold 49 percent, Xinhua reported.

In 2010, MPPE was privatised and left its fuel distribution business.

It transferred the 216 filling stations across the country to private companies except 12 vends supplying fuel to state departments.

At present, MPPE is keen to expand the businesses in cooperation with foreign companies.

Meanwhile, around 70 private companies have been operating 1,163 petrol stations across the country.