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IndianOil plans further foray overseas
Thursday, 10 June 2004, 19:30 IST
NEW DELHI: State-owned refining and marketing major IndianOil Corporation is planning to expand its overseas operations after tasting success in Mauritius, Sri Lanka, Bangladesh and the United Arab Emirates (UAE).
"The board of directors has approved a proposal to set up an office in Indonesia to participate in the deregulation process in 2005," IndianOil chairman M.S. Ramachandran told a news conference to announce the financial results for 2003-04.
Besides Indonesia, India's Fortune 500 listed company is planning forays in Thailand, Ghana and Kuwait.
"We looking to bid for retail assets in Thailand and planning to collaborate with the national oil company in Ghana to upgrade retail outlets," said Ramachandran.
In the UAE, the Indian company has been producing its Servo brand lubricants to cater to the Middle East and African markets.
Among overseas projects, IndianOil is part of a consortium of state-owned companies led by ONGC Videsh Ltd (OVL) that is involved in exploration activities in the Farsi Offshore Exploration Block in Iran.
The IndianOil-OVL alliance has also been qualified by Kuwait Petroleum Corporation for joint bidding in a consortium with British Petroleum and Occidental Petroleum for development of four northern Kuwaiti oilfields.
The combine is expected to submit its bid soon after receiving the invitation, a top company official said.
Besides exploration and production, IndianOil is eyeing opportunities in petrochemicals overseas.
"We are awaiting a pre-feasibility study report on a petrochemical project in Iran," said Ramachandran, disclosing that other options are also being explored.
Within the country, IndianOil has allocated 
244 billion for the 2002-07 plan period, mainly in diversification projects, refining capacity expansion, product quality upgradation and retail operations, to maintain its strategic edge in the market place.
For 2003-04, the company exceeded its capital expenditure target of 30.64 billion.
Source: IANS
244 billion for the 2002-07 plan period, mainly in diversification projects, refining capacity expansion, product quality upgradation and retail operations, to maintain its strategic edge in the market place.
For 2003-04, the company exceeded its capital expenditure target of 30.64 billion.
Source: IANS