Business Daily from THE HINDU group of publications
Thursday, Mar 05, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Thursday, Mar 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
|
|
|
|
|
Corporate
-
Corporate Bonds Industry & Economy - Petroleum IOC may sell bonds worth Rs 1,500 cr Our Bureau New Delhi, March 4 Indian Oil Corporation Ltd (IOC) may consider selling oil bonds worth Rs 1,000-1,500 crore if it gets a good price, Mr S.V. Narasimhan, Director (Finance), Indian Oil Corporation, said. Speaking to newspersons at the sidelines of an energy conference organised by Infraline here on Wednesday, he said, “IOC currently has Rs 31,000 crore worth of oil bonds.” “In short term, we would like to sell bonds to reduce borrowings provided we get good returns,” he said, adding that “we are not desperate to sell bonds. We would test the markets before taking any decision.” The Government had given oil bonds to public sector refining-cum-retailing companies to partly compensate them for selling petrol, diesel, cooking gas and kerosene at a controlled price. The Reserve Bank of India’s special market operations (SMO), under which it bought bonds from oil companies, are currently closed and so the company is looking at open market for bond sales. “We are requesting the RBI to reopen SMO,” he said. With the softening of crude oil prices, IOC’s crude oil import bill has dipped to $ 1.5 billion a month. The company’s import bill at the time of crude oil peaking was $ 4.5 billion a month and now it has fallen to $ 1.5 billion, he said. More Stories on : Corporate Bonds | Petroleum
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2009, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
