India HPCL to enter Indonesia, Malaysia: Report

Even as multinational oil companies prepare to invade the Indian market, Indian oil companies are seeking greener pastures abroad, The Hindu Business Line reported on Sunday.

After Indian Oil Corporation which unveiled plans to enter the Sri Lankan retail oil products market, Hindustan Petroleum Corporation Limited (HPCL) has now chalked out "long-term plans'' to market transport fuels - diesel and petrol - in six countries.

HPCL will begin selling its entire range of lubricants and engine oils in Malaysia and Indonesia later this month. This would be the third and final phase of its business strategy to establish presence in Nepal, Bangladesh, Tanzania, Kenya, Indonesia and Malaysia, an HPCL official said. The company planned to sell ?all? products ranging from transport fuels to consumer products and lubes in these countries, he said.

Although he did not reveal when HPCL would start retail marketing in these countries, the official said the company was preparing for the event, which would take place `soon'.

HPCL planned to market volumes close to 200 up to 300 kilo liter per month in each of these nations initially, he said.

"We have been exporting consumer products such as naphtha and furnace oil to these countries for the last three years. We also have been supplying lubes and engine oils to them. Entering the retail market for transport fuels would only be an extension of this,'' the official said. (*)