IOC Readies Rs 2,400-cr Marketing Plan

Mumbai, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
Indian Oil Corporation (IOC) has chalked out a Rs 2,400 crore marketing plan for the current fiscal which includes Rs 10,000 crore for setting up retail outlets. The company plans to set up 900 retail outlets (RO) this fiscal of which 550 have been completed and already operational.

Signs MoUs For Selling LNG

Mumbai, Nov 6: IOC, along with its other partners in Petronet Liqu-efied Natural Gas (LNG) has signed memorandums of understanding with Chambal Fertlisers and National Fertilisers for selling LNG. Dr Kannan said that a major part of the LNG would be utilised by IOC at its refinery while the remaining would be sold to the customers.He added IOC was also in talks with Tata Power for LNG.

Dr NG Kannan, at his first press conference after taking over as the marketing director, said the Fortune 500 company would renew its thrust on branding and customer centric retail initiatives.

The company would launch flagship (RO) which will sell branded diesel and petrol under the Xtra Premium Hi-Octane petrol and Xtra Miles Super diesel. There would be 1,000 such ROs which would act as brand ambassadors, informed Dr Kannan. The company is also launching fleet card for its customer.

IOC, which is commissioning a storage facility at Mer Rouge in Mauritius is now expanding its business to ROs.

Dr Kannan said that IOC has decided to set up 10 ROs in the first phase of which ground work for six ROs have been completed. The number of the ROs would be increased to 25 in the second phase.

IOC is also trageting Dubai and Malaysia for sale of lubes. The company is also setting up a lubes blending plant at Dubai, said Dr Kannan. IOC is also exploring Africa and Russia as its new destination for lube sale.

The company will also take a call on whether to continue with its Jubilee ROs. Dr Kannan informed that about 10 to 12 of the 89 Jubilee ROs were not being utilised properly and hence the company may decide to close them down.

Meanwhile, IOC has tied up with Hyundai, whereby Hyundai will provide breakdown services and spares for Hyundai customers at IOC ROs.