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IOC includes E&P bids as part of MoU with Govt

Our Bureau

New Delhi , March 24

Indian Oil Corporation Ltd (IndianOil) has for the first time included successful bidding for acquisition of exploration and production (E&P) assets and commercialisation of product formulations as part of its memorandum of understanding (MoU) with the Government for the year 2006-07.

In a statement issued here, the company said this is in line with its corporate objective of availing itself of all viable opportunities, both national and international, for establishing itself as a major player across the hydrocarbon value chain. The MoU was signed between Mr M.S. Srinivasan, Secretary, Ministry of Petroleum and Natural Gas and Mr Sarthak Behuria, Chairman, IndianOil. IndianOil is expected to earn `Excellent' rating for the 17th consecutive year, indicating outstanding performance according to laid-down criteria, for 2005-06.

While financial performance and throughput of both refineries and product pipelines continue to be the key parameters, project implementation has been given due weightage in the context of the large capital investments planned by the company.

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