Date:15/08/2004 URL: http://www.thehindubusinessline.com/2004/08/15/stories/2004081501760200.htm

Back IOC to leverage expertise for overseas contracts

Ambar Singh Roy

Recently in Port Blair

INDIAN Oil Corporation Ltd (IOC) will leverage on its domain expertise in the area of exploration and production (E&P) to bid for projects and contracts overseas.

For the oil major, while a major part of its growth in the years ahead would be organic, the company is open to the idea of buying mid-sized E&P companies, according to Mr M.S. Ramachandran, Chairman of IOC.

Speaking to newspersons while on a visit here, Mr Ramachandran said IOC, along with Engineers India Ltd, had been short-listed to revamp two refineries in Iran. The contract is valued at $ 850 million. The other bidders are Daelim and Sinopec.

IOC is also in the reckoning for a refinery revamping project in Nigeria. A memorandum of understanding has been signed with Edostate of Nigeria in this regard.

On the company's plans of participating in Haldia Petrochemicals Ltd, Mr Ramachandran said it would not be interested in being just a portfolio investor and would insist on management control.