Indian Oil eyeing Indonesia downstream market
Thursday, June 10 2004 - 07:23 PM WIB
Indian state-owned oil refiner and retailing firm Indian Oil Corp. Ltd. plans to open a business unit in Indonesia by September in a bid to expand its overseas business, a company official was quoted by agency thursday
"IOC's objective is to exploit the business opportunities when Indonesia's oil and natural gas sector gets deregulated in 2005," the IOC official said.
"We aim to work toward establishing a foothold in Indonesia's upstream and downstream operations," the official added.
IOC is India's largest refiner. Its seven refineries have a combined installed capacity to process 39.95 million metric tons of crude oil a year.(*)