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IOC to venture in Indonesian market

14 Nov '06
1 min read

The new entrant in the petroleum retailing business of Indonesia, is Indian Oil Corporation. This will be the third Indian Oil venture to market petroleum products, in the overseas.

Since Indonesia has opened up its market for petroleum retailing business, IOC is eying a stake in the petrochemical company PT Tuban Petrochem (Tuban Petro). The Indonesian Government owns 70 percent stake in the petrochemical company.

IOC is beginning to enter the market and plans to increase the number of retail outlets gradually. Fuel for the outlets could be sourced from Cochin Petroleum Corporation Ltd (CPCL), Haldia refinery or Paradeep refinery, including Thailand.

The other competitors Shell and Malaysian major Petronas are also operating fuel stations in Indonesia.

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