|
|
 |
 |
| Sunday, 1 June 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Indian help to explore oil, gas in Lankan waters Lanka IOC, the wholly-owned subsidiary of Indian Oil Corporation, India's only Fortune Global 500 company, was formally launched in Sri Lanka last week by Indian Minister of Petroleum and Natural Gas Ram Naik at the BMICH. Minister Naik told the gathering that the next common goal of the two governments should be exploration of oil and gas in Sri Lankan territorial waters. "We would be happy to extend cooperation in this area too". Research done by the Indian government has proved that there are oil and gas deposits in the Godavari and Kauveri basins. The oil exploration and production activities in India have received a boost from the New Exploration Licensing Policy (NELP). "In India, we have completed three rounds of bidding under NELP, awarding 70 blocks including 24 deep sea and 31 in shallow water, while the fourth round, where 24 blocks have been offered, is currently on. We have the skills and technical expertise for these," he said. "India's petroleum industry is over 100 years old and we are bringing that wealth of experience to Sri Lankan consumers who will experience a difference when they visit an LIOC outlet". LIOC has plans to modernise the 100 petrol stations already acquired from the Ceylon Petroleum Corporation (CPC), making them best in the class. It will also acquire 150 franchise outlets and refurbish them under the LIOC banner. He said that since it is IOC's first fully-fledged venture outside the country, they will do their best to provide the best possible services to Sri Lankans. US$ 100 million will be invested by IOC for infrastructural development including the modernisation and development of the Trincomalee oil farm. M.S. Ramchandran, Chairman IOC assured that LIOC will add more services as it progresses and "will maintain the highest standards and ethics at all times, giving Lankan customers the best of our services and value for money". Minister of Power and Energy Karu Jayasuriya said the launch of LIOC in the island ushers in a new chapter in the historical ties between the two countries. He said that plans are underway to get Cabinet approval to explore Sri Lankan waters for oil and gas and expressed hope that India will extend a helping hand as always to explore this resource. Referring to CPC, Minister Jayasuriya said that 15 months ago, it was running at a loss, but has been turned around and is now earning healthy profits. He was confident that CPC and LIOC will bring good results to the nation when they start competing with each other in a healthy manner in the near future. The modernisation of the tank farm in Trincomalee will provide energy security for our country. In the first phase, Lanka IOC's operations will cover petroleum retailing, bulk supplies to industrial users and operating the Trincomalee oil terminal. Retail operations in the country commenced with the taking over of 100 petrol stations from CPC, refurbishing and upgrading them to bring a spectrum of services to Sri Lankans. Services offered Lanka IOC's petrol stations will set a new high in service standards. Rainbow coloured canopies, concrete driveways, multi-product dispensing units, auto car washes, food courts, convenience stores, automated teller machines and digital air gauges are some of the features customers will experience as they drive into a petrol station to tank up petrol, diesel or Servo engine oil. Future To enhance customer choice, LIOC will introduce premium auto fuels, premium petrol and super diesel. Doped with multi-functional additives, high octane premium is tailor-made for new generation automobiles. Indane LP Gas too will be introduced to the market shortly to meet the growing demands of domestic and industrial users. LP Gas will also be launched as an alternative auto fuel. The company is looking forward to entering the aviation fuel business in the country. IOC's aviation service has already earned worldwide recognition for its stringent quality, safety and service standards. Company Indian Oil has 10 operating refineries in India with a combined processing capacity of about 50 million metric tonnes per annum, 22,000 sales points, over 7,000 km long network of petroleum pipelines and a world class research and development centre. ISO 9002-certified Indian Oil Aviation Service is said to be the market leader in India, meeting the aviation fuel needs of domestic and international carriers, defence services and private aircraft operators through its 93 aviation fuelling stations. With 83 LPG bottling plants, Indane LP Gas reaches 35 million homes in India. IOC is India's flagship oil company, accounting for 53 per cent of the petroleum market, 41 per cent of national refinery capacity and 76 per cent of the downstream pipeline transportation network. It is India's largest commercial enterprise with a sales turnover of US$ 23,572 million (Rs 114,864 crore) and profits of US$ 592 million (Rs 2885 crore) last year. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
