The Hindu Business Line : Ministry issues Rs 5,000-cr oil bonds

The Finance Ministry has issued special `oil bonds' amounting to Rs 5,000 crore to three oil marketing companies (OMCs). These are the fourth tranche of special bonds and are being issued to OMCs as compensation for selling LPG and kerosene in the domestic market below their cost prices during the current financial year.

The special bonds, with maturity in the year 2024, would carry an interest of 8.2 per cent per annum. The investment in these bonds by the banks would not be reckoned as an eligible investment in Government securities for their statutory requirements. While Indian Oil Corporation Ltd, including IBP has received bonds worth Rs 2,953.02 crore, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd has received bonds worth Rs 1,040.03 crore and Rs 1006.95 crore, respectively.

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