Indian Oil Corporation (IOC), India's largest state-owned refiner, has issued a new tender to buy up to 2 million barrels of sweet crude loading in October. The company has specified that crude grade offers for the tender should be submitted by August 10, price offers by August 11 and all offers must remain valid until August 12.
IOC is India's biggest refiner with a total capacity of over 1.3 million barrels per day (bpd). It tenders several times a month to buy crude oil, mostly West African.
Recently, IOC had raised $500 million through an overseas bonds issue to fund its capital needs. IOC finalized the issue through the book building route and IOC received an overwhelming response from investors across the globe for issue. The issue was oversubscribed by about four times and IOC received offers to the tune of about $2 billion. IOC received about 71% of investor’s contribution from Asia while offshore investors from Europe and the US contributed 25% and 4% respectively. The bonds would have tenure of 10 years and be utilized for meeting part of IOC's capital expenditure requirements.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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