Financial Daily from THE HINDU group of publications
Saturday, Feb 21, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 21, 2004 |
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New Projects Industry & Economy - Petroleum IOC plans $100-m expansion of Sri Lanka unit Our Bureau
Bangalore , Feb. 20 INDIAN Oil Corporation plans to invest around $100 million in Sri Lanka to expand its operations. The IOC Director for Marketing, Dr N.G. Kannan, told presspersons on Friday that the Sri Lanka IOC Ltd has drawn up a comprehensive blueprint covering retail marketing and aviation fuel services for the island nation. It plans to add 120 more petrol stations in the island. He said the company has taken over a large bulk storage terminal in Trincomalee as well as 100 petrol stations. In the next two years, it expects to cover 30 per cent of the Sri Lankan market. IOC Maruitius Ltd has invested around $18 million for setting up aviation refuelling facilities, an LPG bottling plant, a bulk storage terminal and a network of petrol stations. Mr Kannan said IOC plans to increase the number of aviation fuel stations in India from 94 to 100 during the next fiscal. Consumption of aviation fuel is expected to reach 3.6 million kl by 2004-05 compared with 2.8 million kl in 2000-01. It will grow further as a study indicates that the country requires 290 new jet airliners worth $22 billion over the next 20 years. Mr Kannan said IOC has upgraded its fuel delivery systems, modified refuelling equipment and installed hydrant dispensers to cut down the delivery time of fuel to aircraft. He said digital control panels, automated flow valve operations and other innovations are in operation in India. As part of its global expansion plans, IOC has opened offices in Malaysia and the United Arab Emirates. It also sells its Servo range of lubricants to countries such as Malaysia, Nepal, UAE, Kenya, Bangladesh and Indonesia, Mr Kannan said.
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