IOC may sell over 32,000 petrol pumps to JV with Malaysia’s Petronas

Indian Oil Corporation (IOC), the nation’s biggest oil firm, may sell some of its over 32,300 petrol pumps to a joint venture with Malaysia’s Petronas with a view to monetising the firm’s vast fuel marketing network, its Director (Finance) S K Gupta said on Monday.

IOC has an over two-decade-old 50:50 joint venture with Petronas for the import of LPG. The scope of this joint venture, IndianOil Petronas Pvt Ltd (IPPL), is now being expanded to include fuel and natural gas marketing.

For one, IPPL will not be governed by the tedious petrol pump allotment rules that require public sector oil marketing companies to appoint dealers through a draw of a lottery. The joint venture can choose a site and operator quickly and on commercial terms.