Indian firm submits final Medco bid

Indian firm submits final Medco bid

NEW DELHI: Indian Oil Corp., which controls half of the nation's US$15 billion a year fuel market, submitted a final bid to buy a stake in Indonesia's PT Medco Energi International, N.K. Nayyar, director for planning and business development at the Indian company, told reporters in New Delhi.

PT Medco is Indonesia's biggest oil company.

Indian Oil, Oil & Natural Gas Corp. and other Indian oil companies are buying oil exploration assets overseas to secure supplies. India, Asia's third biggest oil consumer after China and Japan, imports 70 percent of its annual crude requirement.

India is likely to import 100 million tons of crude oil for the fiscal year ending March, 11 percent more than a year ago. -- Bloomberg