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Our Bureau

New Delhi, Aug. 7

To meet its funds requirement, the Indian Oil Corporation Ltd has signed loan agreements for raising foreign currency loan of $370 million. This will be utilised to meet the company's oil import requirements, a statement said.

The agreements for the $370-million loan facility, comprising $200 million from BNP Paribas, Singapore, and $170 million from Bank of America, Taiwan, at highly competitive rates, were signed on Friday. The maturity of the loan from BNP Paribas is one year, the statement said. However, the loan facility from Bank of America is revolving in nature within the availability period of one year. The revolving facility would enable Indian Oil to manage its cash flows more efficiently, the company added. The company plans to import about 40 million tonnes of crude oil during 2006-07 to feed its seven refineries and subsidiaries.

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