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Indian Oil hopes to export 5 lakh tonnes diesel to Bangladesh

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Plans to add 2,000 retail outlets

Overseas plans
The company has submitted its expression of interest for acquiring oil and gas blocks and setting up a refinery in Egypt.

LUBE MEET: (From left) The Minister for Petroleum and Natural Gas, Mr Murli Deora, with the IOC Chairman, Mr S. Behuria, and the Minister of State, Mr Dinsha Patel, at the 5th International Symposium on Fuels & Lubricants in the Capital on Wednesday. — Ramesh Sharma

New Delhi , March 8

Indian Oil Corporation Ltd expects to export up to five lakh tonnes of diesel to Bangladesh in the next financial year.

The Chairman of IndianOil, Mr Sarthak Behuria, said: "The contract to export diesel for the next financial year is under negotiation. Depending on the availability, we will export up to 500,000 tonnes of diesel."

Mr Behuria said IndianOil has signed a contract with Bangladesh to export two lakh tonnes of diesel in 2005-06 (April-March). "Of this, we have already exported 1.5 lakh tonnes, and plan to export another two cargoes of 25,000 tonnes each by March-end," he said at the sidelines of the fifth international symposium on fuels and lubricants here.

Asked about the company's retail plans, he said his company plans to add 2,000 retail outlets in the country, including 1,000 in rural areas, during the next financial year. IndianOil currently has 12,000 retail outlets in the country, he said.

Speaking about the company's overseas expansion plans he said that it has submitted its expression of interest for acquiring oil and gas blocks and setting up a refinery in Egypt. He, however, did not give any further details on the issue.

As regards the merger of IBP Co with the parent IndianOil, he hoped that merger process would be completed by October this year. "We have received the approval of the stock exchange and have now approached the Ministry of Company Affairs. After their approval, we will convene an extraordinary general body meeting to take shareholder approval for the merger. I think the entire process should be over by September-October," he sad.

The boards of IndianOil and IBP have suggested a swap ratio of 110:100 i.e. 110 equity shares of Rs 10 each of IndianOil as fully paid-up for every 100 equity shares of Rs 10 each of IBP.

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