To be second Indian company after Essar to have a refinery abroad Indian Oil Corporation (IOC) will set up its first refinery outside India with an investment of up to Rs 20,000 crore in Sri Lanka. It will thus become the second Indian company to have a refinery abroad. The Ruias-promoted Essar Energy owns the Stanlow refinery in the UK and has 50 per cent interest in Kenya Petroleum Refinery.
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Bangladesh has sought assistance of the United Arab Emirates (UAE) to set up another crude oil refinery and the UAE has responded positively in this regard. State Minister for Foreign Affairs Dr Hasan Mahmud sought the assistance when UAE Ambassador in Dhaka Khalfan Battal Ali Al Monsouri met him at the foreign ministry yesterday, says a press release.