IOC to add 6 outlets in Sri Lanka

State-owned Indian Oil Corp. (IOC) plans to add six outlets in Sri Lanka through its subsidiary, Lanka IOC, to develop its presence outside the country. Lanka IOC plans to invest around Rs450 crores (US$110 million) on this activity, based on the idea that excess refining capacity in India will be used to meet the growing needs of Sri Lanka. Investment per outlet varies from Rs50 lakh (US$123,228) to Rs2 crores (US$492,914), depending on the location. (May 19, 2007)