Released on = December 18, 2006, 3:40 am

Press Release Author = RNCOS

Industry = Energy

Press Release Summary = Indian Oil Corp. Ltd. is planning to introduce its retail
outlets in Indonesia via a fully owned subsidiary. With this, IOCL will become the
third oil venture of India marketing its petroleum products in a foreign country.

Press Release Body = Indian Oil Corp. Ltd. (IOCL) has plans to enter
petroleum-retailing industry in Indonesia. The govt. owned company is willing to
launch retail outlets in Indonesia by means of a fully owned subsidiary. If this
plan gets materialized, IOCL will become India’s third oil venture to market
petroleum products abroad.

Indonesia, the leading petroleum market in ASEAN region, is estimated to have 50
MTPA (MT per annum) of petroleum products at present. For pursuing upcoming
opportunities in Indonesia’s petroleum retailing industry, IOCL has already
got the approval from its board so as to set up a fully owned subsidiary there.

Indonesian government has nearly 70% share of TubanPetro, other shareholders in
Tuban include big names such as Pertamina, Tuban Petrochemicals Pte Ltd (which is
Siam Cement PCL’s - largest conglomerate of Thailand – subsidiary),
Sojitz Corporation (earlier known as Nissho Iwai Corp.), and Itochu Corporation.

Aromatic products such as Toulene, Benzene, Poly-propylene, and Xylene are imported
in significant quantities in Indonesia. IOCL is making its presence largely felt in
the pharmaceuticals industry and this proposal jives absolutely well with the
firm’s globalization plan, as per a senior official.

Although Indonesia has price control on the petroleum products, premium grade fuel
selling strategy has been followed by these companies, said B M Bansal –
director in Indian Oil. The same strategy, i.e. of selling the fuels of premium
grade, might also be followed by Indian Oil in near future.

As per the views expressed by an industry expert at RNCOS, who has recently
researched a report namely “Indian Oil & Gas Industry: An Industry
Analysis”, “Such ventures will help in further expansion of the Indian
oil and gas industry across the globe.”

The research report also addresses the issues and facts that are critical to your
success:

- Get insight into trends in market performance.
- Pinpoint growth sectors and identify factors driving change.
- Identify market and brand leaders and understand the competitive environment.
- The competitive market landscape look like for the Indian Oil and natural Gas
Industry.
- The various opportunities and challenges of this industry.

About the report:

RNCOS’ report “Indian Oil & Gas Industry: An Industry Analysis” is
a must read for investors, businesses, analysts, and individuals having interest in
this sector. It provides an objective analysis on the Oil & Gas sector in India
along with detailed information on the exploration, production and other processes,
along with the annual consumption figures and future growth projections.

About RNCOS:

RNCOS, incorporated in 2002, provides Market Research Reports for your business
needs and aims to put an end to your information pursuit. Our expertise in gathering
global business information for industry research, corporate training, growth
consulting, and business consulting, brings reputed companies and firms to us for
business enhancement solutions. We can be your one-stop-shop for Industry research
information and niche market analysis.

For more information visit: http://www.rncos.com/Report/IM038.htm

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