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IOCL All Set To Venture Into Indonesian Oil And Gas Industry - Indian Oil Corp. Ltd. is planning to introduce its retail outlets in Indonesia via a fully owned subsidiary. With this, IOCL will become the third oil venture of India marketing its petroleum products in a foreign country
IOCL All Set To Venture Into Indonesian Oil And Gas Industry

 

PRZOOM - /newswire/ - Delhi, New Delhi, India, 2006/12/19 - Indian Oil Corp. Ltd. is planning to introduce its retail outlets in Indonesia via a fully owned subsidiary. With this, IOCL will become the third oil venture of India marketing its petroleum products in a foreign country.

   
 
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Indian Oil Corp. Ltd. (IOCL) has plans to enter petroleum-retailing industry in Indonesia. The govt. owned company is willing to launch retail outlets in Indonesia by means of a fully owned subsidiary. If this plan gets materialized, IOCL will become India’s third oil venture to market petroleum products abroad.

Indonesia, the leading petroleum market in ASEAN region, is estimated to have 50 MTPA (MT per annum) of petroleum products at present. For pursuing upcoming opportunities in Indonesia’s petroleum retailing industry, IOCL has already got the approval from its board so as to set up a fully owned subsidiary there.

Indonesian government has nearly 70% share of TubanPetro, other shareholders in Tuban include big names such as Pertamina, Tuban Petrochemicals Pte Ltd (which is Siam Cement PCL’s - largest conglomerate of Thailand – subsidiary), Sojitz Corporation (earlier known as Nissho Iwai Corp.), and Itochu Corporation.

Aromatic products such as Toulene, Benzene, Poly-propylene, and Xylene are imported in significant quantities in Indonesia. IOCL is making its presence largely felt in the pharmaceuticals industry and this proposal jives absolutely well with the firm’s globalization plan, as per a senior official.

Although Indonesia has price control on the petroleum products, premium grade fuel selling strategy has been followed by these companies, said B M Bansal – director in Indian Oil. The same strategy, i.e. of selling the fuels of premium grade, might also be followed by Indian Oil in near future.

As per the views expressed by an industry expert at RNCOS, who has recently researched a report namely “Indian Oil & Gas Industry: An Industry Analysis”, “Such ventures will help in further expansion of the Indian oil and gas industry across the globe.”

The research report also addresses the issues and facts that are critical to your success:

- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive environment
- The competitive market landscape look like for the Indian Oil and natural Gas Industry
- The various opportunities and challenges of this industry

About the report

RNCOS’ report “Indian Oil & Gas Industry: An Industry Analysis” is a must read for investors, businesses, analysts, and individuals having interest in this sector. It provides an objective analysis on the Oil & Gas sector in India along with detailed information on the exploration, production and other processes, along with the annual consumption figures and future growth projections.

About RNCOS

RNCOS, incorporated in 2002, provides Market Research Reports for your business needs and aims to put an end to your information pursuit. Our expertise in gathering global business information for industry research, corporate training, growth consulting, and business consulting, brings reputed companies and firms to us for business enhancement solutions. We can be your one-stop-shop for Industry research information and niche market analysis.

 
 
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IOCL All Set To Venture Into Indonesian Oil And Gas Industry

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