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IOC launching Lanka outlet today

Our Bureau

NEW DELHI, May 27

INDIAN Oil Corporation (IOC) will be shortly launching its retail operations in Sri Lanka. The first of its 250 retail outlets will be inaugurated by the Petroleum Minister, Mr Ram Naik, on May 28, according to an official release.

While 100 of these have been taken over from the Sri Lankan national oil company Ceylon Petroleum Corporation, another 150 franchisees will be set up over the next two years.

Currently, IOC exports around 30,000 tonnes of diesel and 10,000 tonnes of Aviation Turbine Fuel (ATF) per month to Sri Lanka. This is expected to rise to 1.5 million tonne during fiscal 2003-04.

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