IOC to open Lubricant blending plant in Sri Lanka

Bangalore, Mar 26: Spreading its wings overseas, public-sector Indian Oil Corporation (IOC) will be setting up a lubricant blending plant in Sri Lanka at a cost of 25 Crore, IOC Director (Marketing) G C Daga said today.

Talking to newsmen here, he said that the plant, with capacity to blend 18,000 tons per annum, would be opened shortly.

He said that IOC had already opened 152 pumps and had a share of 15 per cent in petrol market in the Emerald Isles. The expansion with new blending plant the share was expected to by 12 per cent more in Lubricants.

He said that under a proposal with Turkish government, IOC had proposed to set up a joint venture to establish a new refinery in that country. ''We have reached an agreement for equity participation for running of operation and maintenance. However, the IOC investment cannot be disclosed now'', he added.

Mr Daga said that in Mauritius the proposal of a plant with 16,000 ton production was under construction. IOC at present has 18 per cent market share and about 18,000 tones of Aviation fuel, petrol, bunker fuel and diesel in that country.

Replying to a question, he said that the recovery of dues from Nepal, where IOC was the 100 per cent supplier of petrol and petroleum products, was improving and against Rs 330 Crore the dues has come down to Rs 275 Crore. ''Due to volatile market there has been a deficit in collection in the Himalayan country. Now it has been regularly monitored and the dues have come down with regular payment'', he added.

UNI