IOC puts retail plan in Indonesia on hold

State-owned Indian Oil Corp. says it has put on hold its plans to enter Indonesia's petroleum retail industry.

After evaluating the business prospects in Indonesia, we have decided to put on hold our plans to foray into that country's retail sector till there is more clarity on deregulation plans there, a company spokesman said. The oil major would continue with its lubricant distribution business in Indonesia, however, The Business Line newspaper reported Monday.

Indian Oil was looking at launching its retail outlets in Indonesia by floating a fully owned subsidiary.(*)