IOC expects Rs 24,000-30,000 cr oil bonds for the industry

Monday, September 3, 2007, 18:08 [IST]

New Delhi, Sept 3 (UNI) Indian Oil Corporation Chairman Sarthak Behuria told reporters today that he expects Rs 24,000-Rs 30,000 crore in oil bonds for the entire industry to bear some of the losses the state-run oil companies have had to suffer on account of higher oil prices in global markets.

''IOC has an underrecovery of Rs 80 crore per day on its sale,'' Mr Behuria said.

The estimated PSU oil firms' losses on the sale of petrol diesel, LPG and kerosene is at Rs 52,162 crore, but the Finance Ministry is yet to work out the losses.

Crude oil prices have touched a 74 dollar a barrel today, within sight of its record high, as OPEC kept a lid on output in the run-up to its September 11 ministerial meeting. India imports more than 70 per cent of its crude oil requirement.

UNI

Topics: ENERGY-OIL-BONDS

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20 years on, families of Hashimpura victims await justice

Monday, September 3, 2007,18:08 [IST]

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Monday, September 3, 2007,18:08 [IST]

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Monday, September 3, 2007,18:09 [IST]

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