IOC plans US$1 billion foreign acquisitions spree

State-run Indian Oil Corp. (IOC) has earmarked US$1 billion for the acquisition of good quality producing or developing exploration and production assets abroad, said Chairman B. M. Bansal, during the launch of its Propel brand of petrochemical products in New Delhi. Bansal said that the company, which has a 35% stake in Venezuelan E&P assets worth US$700 million will have another state-run company, Oil India Ltd., as its joint venture partner for any overseas acquisitions for five years. He said that IOC is also looking into shale gas options in the U.S as well. ( September 23, 2010)