Indian Oil raises 370 million dollars for import recquirements

New Delhi, Aug 7 (UNI) To meet its oil import requirements, Indian Oil Corporation has signed loan agreements for raising 370 million dollars.

The agreements for loans comprising 200 million dollars from BNP Paribas, Singapore and 170 million dollars from Bank of America, Taiwan at highly competitive rates were signed last Friday.

The maturity period of the loan from BNP Paribas is one year while the loan from Bank of America is revolving in nature within the availability period of one year. The revolving facility would enable India Oil to manage its cash flows more efficiently.

India Oil also has the felxibility to avail of these facilities in Japanese Yen equivalent.

For 2006-07, IndianOil plans to import about 40 million tonnes of crude oil.

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