Refining and marketing major IOC grossed $1bn in revenues through new business initiatives in 05 , chairman Sarthak Behuria said. Revenue is from the companys petrochemical venture which became operational last year and from its subsidaries in Srilankas and Mauritius. He also said that IOC plans to grow its presence in the upstream oil exploration and production business and is scouting for a suitable acquisition opportunity. IOCs existing petrochemical plans inIndia may require an investment of Rsv 25,000 crore in the next five years some of which has already happened. According to companys sources the project has reached a cash break even in 04-5 . Company is planning a refining cum petrochemical complex along with its proposed refinery at Paradip In Orissa. In Mauritius ,IOC plans to invest $35m to augment its tankage capacity doubling its investment in the island nation. IOC has also acquired an exploration block inLibya jointly with Oil India and also has an exploratory rights for the Farsi Exploration block in Iran IOCs subsidiary companies increased by upto 30% to about Rs 1,233 crore, mainly on account of refineries.
Posted On : 9/23/2005 3:39:50 PM