The Hindu Business Line : IOC raises $220-m loan for crude imports

IOC has inked a loan agreement with BNP Paribas (Singapore) and Bank of America (Taiwan) to raise short-term loans of $100 million and $120 million, respectively, to facilitate financing of oil imports.

The loan agreement, according to an IOC statement, was signed by Mr P. Sugavanam, Director (Finance), and Mr P.K. Goyal, Executive Director (Corporate Finance), on behalf of the oil major and Mr Antoine Fagniez of BNP Paribas and Mr David Thomas of Bank of America recently.

The loan proceeds are to be utilised to finance the oil import requirements of the company, which plans to import over 30 million tonnes of crude in the current fiscal.

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