The Hindu Business Line : `IOC aiming at $60-b revenue by 2012'

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Kochi Feb 21 IOC is aiming at revenues of $60 billion by the year 2012 with an investment plan of about $15.5 billion, according to Mr G.C. Daga, Director (Marketing).

Addressing the 15th International Aviation Conference on Wednesday, he said that venturing into new business across the hydrocarbon value chain would drive growth, bringing as much as a quarter of the revenue envisaged by 2012.

"This would cement our status as India's No.1 corporate," he added.

The fuel supply growth, which is dependent on the overall growth of the aviation sector, is also experiencing a new high, with an annual growth of 15-20 per cent, he said. IOC is poised to take the centre stage, expanding into upstream oil exploration, besides consolidating existing midstream refining and marketing operations.

In addition, it will diversify into petrochemicals and gas marketing and globalise its operations.

Mr Daga said that aviation has emerged as one of the fastest growing sectors in the country; Indian airports handled 51 million domestic passengers and 22.4 million international passengers in 2005-06. In the first three months of the current fiscal, domestic traffic increased by 48 per cent on a year-on-year basis.

In the next five years, domestic traffic is set to grow by about 25 per cent annually and international traffic by about 15 per cent.

Fuel supply network

An important derivative of widespread air travel is the extensive network of fuel supply infrastructure put in place by companies such as IOC, which has now provided the platform for airlines to fly to locations till now considered remote, Mr Daga said.

Mr R. Sareen, General Manager (Aviation) of IOC, said that the aviation fuel business is growing at 20 per cent. Currently, IOC meets over 64 per cent of the sector's fuel requirements by selling 2.7 million kl of aviation fuel from 97 stations.

Besides, the company is actively participating in the ongoing airport infrastructure upgradation programme in the country. It is leading a consortium of global infrastructure companies such as Skytanking and Indian Oil Tanking Ltd for setting up new generation facilities for Bangalore International Airport Ltd.

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