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MUMBAI: Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the consortium partners of Block CB-ON-7 have inter-alia agreed with Indian Oil Corporation Ltd, buyer of crude oil from the block, for a final price of crude oil being sold to IO C.

The price revision would be applicable with retrospective effect from the commencement of the first sale to IOC from the block.

The company, which holds 35 per cent participating interest in the Block CB-ON-7, shall receive about $3.018 million (gross subject to profit petroleum share of the Government of India) as arrears up to October 31, 2009 on account of the above. — Our Bur eau

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