IOC raises $ 250mln to fund crude import

New Delhi, Mar 6 (UNI) Indian Oil Corporation (IOC) has signed loan agreements to raise foreign currency loans worth 250 million dollars to meet its oil import requirements.

The agreements for 250 million dollar loan facility at highly competitive rates, comprising 200 million dollar from Singapore-based Banco Bilbao Vizcaya Argentaria (BBVA) and 50 million dollar from Mizuho Corporate Bank were signed yesterday to Hong Kong.

It is for the first time that the company has entered into an agreement with BBVA for short term foreign currency loan for one year, a statement said.

The company plans to import about 43 million tonnes of crude oil in 2006-07.

UNI