IndianOil plans facilities in Mauritius

Tuesday, 04 March 2003, 20:30 IST
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The Indian Oil Corporation (IOC), the country's largest state-owned oil refining company, is in talks with Mauritius to set up an aviation refuel station and a bulk storage terminal there.

KOLKATA: IOC sources said the issue of setting up the facilities was "almost decided" and negotiations now centred on whether the Indian firm would go on its own or take along a partner from the island nation. "Whether it should be a joint venture or a wholly IOC-owned project that has to be seen. But talks are in an advanced stage for the aviation refuel station and a bulk storage terminal," an IANS source said. The IOC is currently laying emphasis on expanding the geographical boundaries of its business and is turning in a big way to the Indian Ocean nations of Mauritius and Sri Lanka, besides Nepal and Bangladesh. The company, for now, has planned a 600 million investment in Mauritius, "which will go up with increase in business". The oil major hopes to break into the lucrative business of supplying aviation fuel to international airliners flying to Mauritius. Alongside the proposed venture in Mauritius, the IOC has finalised the start of a similar aviation fuel business in Sri Lanka and has begun a retail-marketing network. A petrol and diesel retailing business is also being considered for Mauritius. The IOC plans to sell jet fuel to international airline firms from its proposed aviation turbine fuel (ATF) depot in Sri Lanka. It is negotiating a deal with Sri Lanka's state-owned Ceylon Petroleum Corporation (CPC) to use its depots in Colombo airport. The IOC has acquired 100 oil stations from CPC and began its retailing business this week under a new subsidiary -- Lanka IOC. The company also has plans to enter Sri Lanka's cooking gas and auto-LPG (liquefied petroleum gas) sectors, the sources said.
Source: IANS