IOC raises 250 mn dlr loan

By PTI | Mar 06, 2007, 06.10 PM IST

New Delhi: Indian Oil Corp (IOC), the country's largest oil firm, has raised 250 million dollars in foreign currency loans to meet its oil import needs.

IOC signed agreements with Banco Bilbao Vizcaya Argentaria, Singapore for $ 200 million and Mizuho Corporate Bank Ltd, Singapore for $50 million at Hong Kong on Monday, a company press release said in New Delhi.

"It is for the first time that IOC has entered into an agreement with BBVA for short-term foreign currency loan for a period of one year," it said.

IOC has the flexibility to avail of these facilities in Japanese Yen equivalent.

The company plans to import about 43 million tons of crude oil in 2007-08 for refining at its seven refineries.

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