IOC to invest $100 mn in Sri Lanka

By SiliconIndia   |   Friday, 20 February 2004, 08:00 Hrs
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BANGALORE: Indian Oil Corporation is investing $100 million in its Sri Lankan subsidiary Lanka IOC Ltd during 2004-05 as part of its retail foray in the island country.

"We are investing $100 million in Lanka IOC Ltd during 2004-05," IOC director marketing N G Kannan told reporters here at the 13th International Aviation Conference, being attended by over 90 delegates from 35 countries.

"We have taken over a large bulk storage terminal in Trincomalee, as well as over 150 petrol stations. In the next two years, we hope to cover 30 per cent of the Sri Lankan market," he said.

Kannan said IOC's Mauritus subsidiary, IOC Mauritius Ltd is investing over $18 million for setting up aviation refueling facilities which will begin operation from March.

"IOC will be supplying 20 per cent of Air Mauritius and other providers include Shell, Exxon and Caltex," he said, adding IOC was setting up a fuel certifying laboratory in Mauritius.

Asserting that IOC is aiming to replace the British and American oil majors in developing countries, Kannan said, Indian Oil was venturing into Afghanistan, Kazhakistan, Madagascar, besides its established presence in neighbouring countries like Nepal and Bhutan.

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