BPCL forms JV with American Co.

Mumbai: BPCL would be forming a $29-million joint venture company with the US-based Matrix Marine Fuels LLC primarily for expanding bunkering business. The joint venture would be based out of Singapore. BPCL’s board gave the approval on Wednesday. According to a company official, both the companies have jointly raised $4 million and another $25 million would be raised over the course of time.