NEW DELHI: During a two-day visit starting May 28, Petroleum Minister Ram Naik will inaugurate the first of IndianOil's 250 planned retail outlets to be operated under a wholly owned division Lanka IOC (Pvt) Ltd (LIOC). These retail outlets will be of international standards providing value added services like ATMs, convenience stores, automatic car wash and food marts. Sri Lanka will mark IndianOil's first overseas venture for marketing petrol and diesel, an official statement said Monday. "The entry of IndianOil in the retail market abroad is a significant achievement considering the highly competitive segment of hydrocarbon business. LIOC will invest approximately 5 billion in this foreign venture," the statement added. Naik's visit will also see the start of IndianOil's project for modernising the China Bay Trincomalee Tank Farm, which comprises 99 tanks each with a capacity of 12,250 kiloliters. Dating to the World War II period, the tanks are being upgraded to handle the growing volume of operations. The first phase of modernisation of the tank farm would be completed by December and would involve an investment of around 160 million, the statement said. Naik would also call on the Sri Lankan Prime Minister Ranil Wickremasinghe and discuss ways of boosting bilateral relations between the two countries especially in the hydrocarbon sector. Coinciding with Naik's visit, the Confederation of Indian Industry (CII) would organise a conference on "India - Sri Lanka: Unleashing the Growth Potential", alongside a "Made In India Show" from May 27-31, for highlighting Indian expertise and products.
Source: IANS