Indian Oil launches 'PROPEL' range of petrochemicals
merisarkar news service
New Delhi, September 22, 2010
Propel would become No. 1 in its segment: BM Bansal
Public sector oil marketing giant Indian Oil Corporation launched a range of petrochemical products under the brand name - Propel - in New Delhi on Wednesday. BM Bansal, chairman of the company expressed the confidence on the occasion that Propel will soon be in the league of other top brands of the company.
IOC said in a statement, "The leader (IndianOil) in the downstream petroleum business launched Propel after successfully completing its world scale petrochemical projects in record time."
It said the company is acknowledged as the leader in the petroleum downstream sector in the country, is expected to bring to play its formidable reach, network and infrastructure into the petrochemicals business.
IOC hopes to achieve Rs. 18,000 crore business by 2011-12
Mr. Bansal said on the occasion, "Every segment that we operate in, whether it is lubricants, automotive fuels, LPG or Aviation we have established ourselves as leaders. Our brands SERVO, XTRAPremium, XTRAMile and Indane amongst others, have been No.1 because of the emotional connect that we have with our customers. PROPEL will be the latest in the bouquet of our brand offerings and is backed by the same intensity of passion that has helped us capture the hearts and minds of our customers.
Indian Oil said that it has identified Petrochemicals business as the prime driver of future growth and has earmarked Rs. 30,000 crore (US $ 6.8 billion) investments during 2007-12 in world-class plants and a countrywide marketing infrastructure.
IOC said in a statement that these plants have been designed to use product streams from the Corporation's own refineries, to produce a wide range of value-added petrochemical products and intermediates for segments as diverse as detergents, polyesters and polymers/plastic.
The company said that it had projected a turnover of Rs. 18,000 crore from its petrochemicals business by the year 2011-12, making it one of the largest petrochemicals players in the country within a short period of time.
