The Exchange had sought clarification from Indian Oil Corporation with respect to news article appearing on CNBC TV 18 on June 03, 2015 titled ‘IOC, HPCL in talks w/Iraqs SOMO to buy 4m bbls oil for strategic reserves’. Indian Oil Corporation replied stating that they would like to clarify that the Govt. of India has directed Indian Oil Corporation and HPCL to procure crude oil from Iraq for ‘Indian Strategic Petroleum Reserves’, a Wholly Owned Government Company under the Ministry of Petroleum & Natural Gas set up for storage of strategic reserves. IndianOil has only acted as a facilitator for import.
The above information is a part of company’s filings submitted to BSE.