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.
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.”
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