Indian Oil Corporation Limited (IOC) have set up retail outlets through subsidiary companies, in Sri Lanka and Mauritius. In Sri Lanka, under the provisions of a Tripartite Agreement executed by Lanka IOC Private Limited (LIOC), Government of Sri Lanka (GoSL) and Ceylon Petroleum Corporation Limited (CPC), CPC handed over 100 retail outlets owned by them to LIOC in February 2003. LIOC commenced commercial operations from these retail outlets from February 2003. Subsequently, LIOC started negotiating with franchise dealers and so far 70 franchisees have joined LIOC’s fold, bringing the total tally to 170 retail outlets in the island. In Mauritius, 2 retail outlets have been set up by IOC’s subsidiary company and there is a plan to set up 8 more retail outlets.
In addition to these foreign ventures by IOC, Bharat Petroleum Corporation Limited have bid for a stake in CPC, which is being disinvested by Sri Lankan Government. This bid is towards the offer of CPC for 100 retail outlets and partial rights over one terminating facility in Sri Lanka.
This was stated by the Minister of Petroleum & Natural Gas and Panchayati Raj Shri Mani Shankar Aiyar, in the Lok Sabha in a written reply today.
RCJ/kc / PQ (17.3.05)
(Release ID :7890)