Financial Daily from THE HINDU group of publications
Tuesday, Dec 27, 2005


Group Sites

Industry & Economy - Petroleum
Corporate - Overseas Investments

Indian Oil eyeing opportunities in Africa

Pratim Ranjan Bose

Kolkata. Dec. 26

INDIAN Oil Corporation (IOC) is considering participating in a few opportunities in refining and downstream activities, including retailing and equity oil stake, in African nations.

The Centre has recently allowed Oil India Ltd (OIL) and IOC to acquire exploration and production assets overseas enabling them to get `fast-track' approval from the empowered committee for all future proposals. "The approval was actually awarded to OIL with first right of refusal to IOC," a company official said.

IOC is also gearing up to place the final bid for Canadian oil major Niko Resource's Indian assets in early January.

Regarding the forthcoming visit by a delegation from the Union Petroleum Ministry to China, IOC sources said they did not have any firm nomination offer in any Chinese refinery or downstream sector.

"The delegation would explore opportunities for future participation," it was stated. Talking about IOC's interests in Africa, sources said that the company was looking forward to participating in offers, which either combine equity oil stake or opportunities to enter the downstream sector.

On specifics, the official said that some of the offers involved a combination of refining and downstream activity. The others involved refining and equity oil stake.

"We have now zeroed in on this opportunities and are in the process of taking a final call shortly," the official said.

Company sources clarified that they were not looking at participation in the refining sector on a stand-alone basis as was offered by Nigeria.

IOC had previously expressed an interest in setting up a greenfield grassroots refinery in the oil rich Edo state of Nigeria in exchange for equity oil stake on a nomination basis. Though both the countries entered into an MoU in September 2004, Nigeria was yet to offer the equity oil stake to the company, it was stated.

More Stories on : Petroleum | Overseas Investments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Non-implementation of action plan to increase pollution level in Pampa

SAFTA to come into force from Jan, to include 5,500 tariff lines — Rules of Origin for fabric sourcing from India must
Clandestine condoms in private records!
Indian Oil eyeing opportunities in Africa
Paswan wants GoM on steel policy
VAT regime shows signs of revival in collections in AP
FM radio: Media biggies, small fry among bidders
`New tech trends can touch every aspect of life'
University of Hyderabad sets up liquid helium plant
Paper prices to go up
Bid to promote Bengal as investment destination
C-Dac to establish wireless sensor lab
Kudremukh mining closure unlikely to hit employees
What women want... to laugh about
ABC Consultants bets big on recruitment process outsourcing
In Hyderabad today
Exporters in domestic tariff area seek taxation parity
Prospects for bulk pineapple exports brighten — Pilot consignment of 5 tonnes sets sail for Dubai
A day of black flags and `hands of hope'
Punjab National Bank presents house to tsunami-hit person at Pallipuram
Varied and fascinating
`Operation Duryodhan': Is seeking money merely `stupid'?

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line