India's first-ever cross-border oil pipeline with Bangladesh is set to be launched on March 18 by Prime Minister Narendra Modi and Bangladesh's PM Sheikh Hasina, virtually.

The news was announced by Bangladesh foreign minister AK Abdul Momen announced on Thursday.

Through this pipeline, India is said to export diesel to the neighbouring country, Bangladesh.

According to reports, the pipeline is about 130-km and is constructed at a cost of Rs 377 crore. Out of this, the Bangladesh portion of the pipeline is built at a cost of approximately 285 crore rupees, has been borne by the Government of India under grant assistance.

The pipeline is said to carry fuel from Assam-based Numaligarh Refinery Ltd's (NRL) marketing terminal at Siliguri in West Bengal to the Parbatipur depot of Bangladesh Petroleum Corporation (BPC). It has a capacity to transport 1 Million Metric Ton Per Annum (MMTPA) of High-Speed Diesel (HSD) and will initially supply HSD to seven districts in northern Bangladesh.

The operation of India- Bangladesh Friendship Pipeline will put in place a sustainable, reliable, cost-effective and environment friendly mode of transporting HSD from India to Bangladesh and will further enhance cooperation in energy security between the two countries, said the Press release.

PM Modi had agreed to finance this pipeline back in 2017.