IOC chairman and managing director MA Pathan told reporters here on Monday that while Premier Oil and Enterprise (both of the UK) would partner the corporation in its local operations, Petronas of Malaysia, Marubeni (Japan), PTT (Thailand), Mobil and Petrotin (Trinidad and Tobago) had been identified as potential allies for work abroad. IOC has already signed a memorandum of understanding with ONGC Videsh for E&P operations overseas and the two are tipped to work together in Iraq, Kazakhstan and Azerbaijan.

Pathan said power was another focus area for IOC and many projects had been identified. The oil PSU is already planning a 300 mw plant at Panipat where it will hold 26 per cent of the equity alongwith Marubeni. The Oil and Natural Gas Corporation has also been offered a 20 per cent stake in the project and is expectedto exercise its option shortly.

On the refining front, Pathan reiterated that the nine-million-tonne Paradip project would be commissioned on schedule despite the fact that there were some yet-to-be resolved areas with partner Kuwait Petroleum Corporation. He said that this would have no bearing on the progress of the project and was hopeful that talks would reach a favourable end shortly. Both KPC and IOC will hold 26 per cent each in the refinery, which is scheduled to go on stream in 2002.

Pathan said that the IOC board had also given the go-ahead to set up a nine-million-tonne refinery in Nagapattinam, Tamil Nadu. The other partner for the project is Madras Refineries, which will also hold a 26 per cent stake. The quest for a third player is on and Pathan said talks were on with both Mobil and Petronas.

IOC, which has a refining capacity of 27 million tonnes, plans to increase this to 40 million tonnes by 2002 and 70 million tonnes by 2007. Expansions are underway for some projects in Gujarat andBarauni as also Panipat to nine million tonnes from six million tonnes. The corporation has a market share of around 55 per cent.

Pathan said talks were at an advanced stage with Reliance Petroleum and Essar Oil for a marketing arrangement with IOC. While RPL is commissioning a 18-million-tonne refinery in Jamnagar, Essar Oil's facility has a capacity of 10.5 million tonnes. Both are scheduled to be operational by the end of the next year.