After Sri Lanka, state-owned Indian Oil Corp is heading for Mauritius, where it is likely to begin retailing of petroleum products by September 2003.

"We have set up a wholly owned subsidiary, Indian Oil (Mauritius) Ltd for setting up and operating an oil terminal, aviation facilities, LPG storage/bottling/distribution facilities, and for retailing petroleum products," IOC director (planning & business development) Naresh K Nayyar told PTI in New Delhi.

In Phase-I, 18,000 tonnes capacity oil terminal at Mer Rouge will be set up. IOC is also in the process of setting up an aviation facility at the International Airport and facility for LPG storage, bottling and distribution.

"We plan to set up 10 petrol stations by September 2003 and another 15 in next six months," he said. IOC would invest Rs 80.29 crore in the entire project.

Unlike Sri Lanka, where IOC has acquired 100 petrol stations from Ceylon Petroleum Corp, in Mauritius the state refinery would set up new world class fuel stations.

Nayyar said IOC was also looking at exporting petroleum products to Mauritius to meet part of its one million tones requirement annually.

Nayyar said Mauritius meets its requirement of about one million tonnes per annum of petroleum products entirely through imports. This requirement is expected to grow at 5 to 6 per cent annually.

Four oil majors - Shell, Caltex, Esso and TotalFinaElf - dominate the petroleum industry in Mauritius, and marketing of petroleum products.

However, the State Trading Corporation of Mauritius government has exclusive right to import petroleum products through global tenders.

"Considering that IOC will soon be having a presence in petroleum sector in Mauritius, and also considering the surplus availability of products on west coast of India, IOC has, by leveraging its position as a flagship national oil company, initiated discussions with STC for supplying their requirement of petroleum products from India," he said.

STC has also expressed its desire to source petroleum products from IOC in immediate future.