New Delhi: To spur innovation and to give a competitive advantage to India's oil and gas industry, oil public sector undertakings (PSUs), along with Engineers India Ltd (EIL), have joined hands with Indian Institute of Technology (IIT), Bombay, to set up a Centre of Excellence in Oil, Gas and Energy. A Memorandum of Understanding (MoU) in this regard was signed between director of IIT Bombay, Devang Vipin Khakhar and CMDs of PSU Oil Companies (IOC, BPCL, HPCL, ONGC, GAIL and OIL) and EIL in the presence of Union Minister of Petroleum & Natural Gas Dharmendra Pradhan and MoP&NG secretary MM Kutty on January 2.