Indian firm eyeing fuel retail business

Indian government owned firm Indian Oil Corporation (IOC) is all set to enter the petroleum retailing business in Indonesia, dnaindia.com reported Sunday.

The report said that IOC planned to set up retail outlets there through a wholly owned subsidiary. The Indian Oil board in its next board meeting later this month is expected to approve the formation of the company, the report said, quoting director B M Bansal.

The company is also eying a stake in the petrochemical company PT Tuban Petrochem (Tuban Petro) but Bansal said nothing has yet been finalised.

Besides auto fuels, the Indonesian venture will retail lubricants.(*)