IOC plans to enter Indonesian market

Indian Oil Corp. (IOC) plans to establish oil retail outlets in Indonesia to take advantage of the expected deregulation of the Indonesian market, said B.M. Bansal, IOC’s director for business development. “We will seek our board’s approval to float a wholly-owned Indonesian subsidiary,” Bansal said. “Initially, we plan to go into retailing of diesel and petrol in Indonesia as the market is going to be deregulated soon and we want to make the most of the opportunity,” he added. (November 14, 2006)