Indian Oil Corporation is scouting for refineries in Algeria, Egypt, Indonesia and Europe. It will, however, invest in an overseas refinery only if it gets a stake in the marketing and exploration sector as well.

"We are not interested in a standalone refinery but a package that will give us a more comprehensive presence in these countries," a company executive told Business Standard. "Otherwise, we have ample domestic refinery capacity," he added.

The executive added that though many countries had offered the IOC stakes in their refineries, nothing had been finalised. Talks for stakes in other sectors, were on, he said.

Indonesia is the only country in south-east Asia which is a member of the Organisation of Petroleum Exporting Countries. It is also a low-cost destination for exploration.

However, the IOC is finding it difficult to enter Nigeria, where it had offered to set up a greenfield refinery in return for oil blocks.

Within India, the company plans to start the long-delayed Paradip petrochemical complex soon, with its board approving Rs 11,000 crore for the project. The refinery will have a capacity of 15 million tonne per annum.

The company has also tied up with Haryana State Industrial Development Corporation for creation of a special purpose vehicle for developing a petrochemicals hub at Panipat. The board has also approved Rs 11,000 crore for the naptha cracker complex in Panipat.