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Indian Oil re-examining expansion plans

State-run Indian Oil Corp, the country's largest refiner whose second-quarter profit dived 52 per cent, said on Tuesday it was re-examining its expansion plans.

"We are re-examining our expansion plans," company chairman M A Pathan told an oil and gas conference. He did not elaborate.

Petroleum product sales in India have been falling since last year. Demand for diesel, petrol and jet fuel has been sluggish and IOC and other state-run refiners are saddled with excess capacity.

Indian Oil Corp reported a net profit fall of 52 per cent to Rs 46.49 billion in the July-September quarter as domestic demand and refining margins dropped sharply.

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