IndianOil raises $100-million loan for oil imports

Monday, 08 September 2003, 19:30 IST
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NEW DELHI: Refining and marketing major Indian Oil Corporation (IndianOil) has obtained from BNP Paribas, Singapore, a year-long $100 million loan for oil imports. IndianOil Finance Director P. Sugavanam and BNP Paribas regional head (Asia and Australia - Energy Commodities Export Project) Philippe de Gentile, signed the loan agreement Thursday in Singapore, a company statement said Friday. IndianOil plans to import over 30 million metric tonnes (MMT) of crude oil during fiscal 2003-04. India depends on imports for 70 percent of its crude oil requirements. "The proceeds from this facility will be utilised to partly finance the oil imports requirements of the corporation," IndianOil said in the statement.
Source: IANS
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