ESSAR OIL RAISES $202 M IN SECURITISATION DEAL

Article Abstract:

Essar Oil (EO) and Nissho Iwai Europe Plc (NIEP) have signed a $202 million export securitisation pact. EO is to get the funds at 1.5 percent more than the London Inter-Bank Offer Rate (Libor). EO has already availed $150 million through this facility. This facility will be available for 10 years. The funds raised are to part-finance EO's 10.5 million tonnes refinery at Vadinar in Gujarat. The refinery will cost Rs6,400 crore. This refinery is expected to start its operations by September-October 1999. (ag)

Nissho Iwai Europe PLC

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IOC IN PACT WITH RELIANCE, ESSAR FOR MARKETING

Article Abstract:

Indian Oil Corporation (IOC) has tied up with Reliance Petroleum Ltd (RPL) and Essar Oil to market decontrolled petroleum products such as naphtha and fuel oil. IOC has the first claim to market the 30 million tonne combined production of RPL and Essar Oil. Both the companies can market their products directly, if IOC does not lift the production. IOC plans to enter into joint ventures with these two companies for sale of controlled products like petrol, diesel, LPG, kerosene and ATF. (nr)

Reliance Petroleum Ltd., Indian Oil Corporation Ltd.

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