Subsidised fuel may slow IOC's expansion plan

Posted By: Religare
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Indian Oil Corp (IOC) head of finance, P.K. Goyal said that since IOC incurs massive losses on the sale of subsidised fuel, it may slow down on some of the local expansion projects.

He added that India"s largest oil refiner and fuel retailer is all set with in depth feasibility reports and as soon as the situation becomes clear, they will probably introduce them. 

He also added that as a result of the lack of clarity on subsidies and fuel pricing, these projects could be postponed by a year or two.

Indian Oil Corporation, or Indian Oil, is an Indian state-owned oil and gas company headquartered at Mumbai, India.

It is India"s largest commercial enterprise, ranking 125th on the Fortune Global 500 list in 2010.

Indian Oil and its subsidiaries account for a 47% share in the petroleum products market, 34.8% share in refining capacity and 67% downstream sector pipelines capacity in India.

Read more about: petrol, oil, gas
Story first published: Thursday, May 19, 2011, 12:32 [IST]
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