Confidence Petroleum bags contract from CUGL to set up CNG MRUs

Confidence Petroleum India Limited has bagged a contract for setting up CNG mobile refuelling units (MRUs) on a built & operate basis from Central UP Gas Limited (CUGL) apart from the earlier contracts from Maharashtra Natural Gas Limited (MNGL), Pune and Avantika Gas Limited (AGL), Indore. 

CUGL is a joint venture of GAIL India & Bharat Petroleum Corporation Limited (BPCL). This will ease the distribution of CNG fuel in the geographical areas. 

The company has won this contract on the basis of its techno-commercial expertise. With the award of the CNG MRU contract by GUCL, the company has got an opportunity to expand its presence in Compressed Natural Gas (CNG) business across three states i.e. Maharashtra, Madhya Pradesh, and Uttar Pradesh. 

The company plans to set up CNG MRUs in the entire country in association with gas distribution companies & PSU oil companies to make clean, cheap, sustainable, and green fuel available in all the states of India to lessen pollution crisis.  

Confidence Petroleum is engaged in the business of Liquified Petroleum Gas (LPG) cylinders and LPG bottling & blending along with the businesses related to natural gas distribution. 

On Wednesday, the stock of Confidence Petroleum opened one per cent higher at Rs 44.80 from its previous close of Rs 44.35 on BSE.