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The largest domestic oil marketing company in India, the Indian Oil Corporation (IOC) has recently informed that it is planning to make an investment of Rs 800 crore during the fiscal year 2009. The company officials have stated that the investment would be made in order to expand and modernize IOCs petrol stations in India that is standing at a number of 17,600, at the end of the financial year 2008.
While talking about the expansion plans of the company, the Director - Marketing of IOC, Mr. G C Daga said that the company is planning to add a number of1,195 new petrol stations in India during the financial year 2009. He said that most of these stations would come up in the rural areas and the industry sources added that the expansion of IOC is taking place at such a time when the oil marketing companies are struggling with an extremely difficult operating environment. The sources added that the IOC is accounting for about half of the total petroleum products sales in India at the moment and it has witnessed a strong growth in sales of diesel and petrol for the last 12 months ending in March 2008.
One of the top officials of the company has informed that the petrol sales of IOC were recorded at 4.3 million tonnes in the financial year of 2008 that is accounting for a rise of about 12.5 per cent than the previous year. The official added that the company has also recorded a 42.5 per cent of the total petrol sales in India in the financial year 2008 and the total diesel sales of IOC were 17.6 million tonnes during the same period, that is a rise of 14 per cent y-o-y. The company was holding a market share of about 47 per cent for diesel in the financial year 2008. The official further said that the growth of the company was fuelled by a strong demand for diesel from the sectors like power, mining and construction.
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| Posted : 4/8/2008 |
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