Financial Daily from THE HINDU group of publications
Wednesday, Dec 18, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 18, 2002 |
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Corporate
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Announcements Marketing - Strategy Indian Oil plans to tap S-E Asian markets Our Bureau
MUMBAI, Dec. 17 INDIAN Oil Corporation plans to introduce its products in the South-East Asian markets, including Thailand and the Philippines, after ``stabilising'' in Malaysia, according to a senior company official. Indian Oil, which introduced `Servo' engine oils in Malaysia through distributorships in year 2000, planned to focus on spreading its wings to other countries in South-East Asia, the official said on the sidelines of a press conference here. The company recently also entered into a deal with Ceylon Petroleum Corporation Ltd (CPC) to take over 100 retail outlets in Sri Lanka. ``We will initially procure products from CPC for retailing through the retail outlets in Sri Lanka. Later, products could be exported from India and we may also introduce direct sales of furnace oil to larger customers,'' the official said. The company also plans to set up new outlets in Mauritius. The company will be catering to direct bulk consumers and has plans to sell aviation turbine fuel. The construction work for building storage was on, the official said. ``The company has targeted a reach of 10 per cent in the Mauritius market. This would not be a difficult proposition considering the small size of the market,'' he said. Mauritius currently has about 110 petroleum product retail outlets. IOC currently sells products in most SAARC countries, including Nepal, Bangladesh and Bhutan. In 2000, IOC had signed a memorandum of understanding with the Government of Mauritius to set up oil tankages and to market petroleum products under the Indian Oil brand name alongside other multinational companies. The company has also been exporting Servo to Nepal, Bahrain and Dubai.
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