IndianOil raises $50 million loan for imports

Thursday, 23 October 2003, 07:00 Hrs
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NEW DELHI: State-owned refining and marketing major Indian Oil Corporation (IndianOil) has entered into a short-term loan agreement with Citibank in Bahrain to raise $50 million for financing oil imports.

"The loan will be utilised to part finance the oil import requirements of the corporation," the company said in a statement Wednesday.

The agreement was signed Tuesday in Dubai for a six-month period.

IndianOil, the only Fortune 500 Indian company, is planning to import over 30 million tonnes of crude oil this year.

To meet its short-term oil import requirements, IndianOil had earlier entered into a one-year loan agreement with BNP Paribas in Singapore to raise $100 million.

IndianOil accounts for one-third of India's refining capacity of 116 million tonnes with its seven refineries having a capacity of 38.15 million tonnes.

Source: IANS
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