IOC to improve retail infrastructure

Indian Oil Corporation (IOC) has earmarked an investment of Rs2,000 crores (US$451.16 million) by March 2007 to improve its retail marketing infrastructure across the country. The investment would involve the creation of 1,000 fully automated retail outlets (ROs), 200 auto LPG stations and conversion of petrol pumps into branded retail outlets. The oil marketing major has also set a target of creating 2,000 automated ROs by March 2008. IOC will spend close to Rs160 crores (US$36.09 million) on these automated outlets in 2006-07. The bulk of the investment, currently underway, is being made to expand the capacity of IOC’s existing refinery at Haldia from six million tons to 7.5 million tons. A hydrocracker unit will be added to produce value-added products like Euro IV motor spirit and in setting up a pipeline to transport crude oil from Paradip to IOC’s own refinery at Haldia.  Additionally, IOC would decide on the future of the IBP brand after one year from the merger date. (December 28, 2006)