Indian Oil aims to reach US $ 60 billion turn over by 2012

Hyderabad, Feb 24 (UNI)Indian Oil Chairman Sartak Behuria today said the company had targetted to increase its turnover to US 60 billion dollar by 2011-12 from the present US $ 35 billion.

Inaugurating the 14th international aviation conference organised by the company here, Mr Behuria said the company has prepared a well co-ordinated strategic plan, including clear blueprints for investments to the tune of US $ 15.5 billion to achieve the targetted turnover of US $ 60 billion by 2012.

Stating that the company was focusing on globalisation of its products and services, and venturing into new areas along the hydrocarbon value chain, he said "nearly a quarter of our revenues would accrue from new business which will help us to maintain ourselves as India's number one corporate by 2012." Mr Behuria said, currently, India was consuming about 115 million tonnes of petroleum products.This is expected to go up to 150 million tonnes by the year 2012.

Pointing out that there is also a pressing need for large scale adoption of alternative fuels to meet the requirements of the country, he said Indian Oil was also taking the initiative to meet the challenges of commercialisation of bio-diesel, hydrogen, ethanol blended petrol and Hydrogen-CNG mixture.

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