The company, an official said, has proposed combining upstream (oil and gas exploration) and downstream (refinery) activities while exploring business opportunities abroad.

"We don't want to go only for refinery projects. We are widening our upstream portfolio by having a mixed bag of exploration, developed, and producing assets," said B.M. Bansal, director of planning and business development.

He said the company does not want to venture into a country only for a refinery project. The company first adopted the strategy of combining upstream and downstream projects in Nigeria. It is now adopting a similar line in Egypt. Indian Oil has seven oil and gas assets abroad, The Business Line newspaper reported Thursday.

"It has been agreed that in lieu of the refinery project in Egypt, Indian Oil will be offered oil and gas blocks on nomination basis. There are indications that the IOC would be offered two blocks on a nomination basis in Egypt," Bansal said.

During Petroleum Minister Murli Deora's visit to Cairo in April, there was an interest to join with Egyptian General Petroleum Corp. to develop refinery and petrochemical projects in that country, Bansal said.