IOC seeks to diversify in Sri Lanka

Indian Oil Corp. (IOC) plans to invest on expanding its product range in Sri Lanka to make it more  competitive. IOC Chairman Sarthak Behuria, who is also the head of the company’s Sri Lankan unit, said the company was going in for value-added fuels and lubricants in a bid to expand its product range and become more profitable in Sri Lanka’s competitive fuel market. Lanka IOC is due to receive Rs5.16 billion (US$48.67 million) in cash and bonds from the Sri Lankan government as settlement for having sold fuel below costs in order to remain within the prices specified by the host country. (October 10, 2006)