IOC raises $100 m loan from ABN Amro

Indian Oil, the country's national oil major, has entered into a loan agreement with ABN Amro Bank to raise $100 million to finance the company's oil import requirements on a short-term basis.

Indian Oil plans to import over 33 million metric tonne of crude oil in the current fiscal. The loan would be financed by ABN Amro Bank through its Amsterdam branch, a company release said today.

Indian Oil also signed a Gas Sales Agreement with Chambal Fertilisers and Chemicals Ltd (CFCL) for supplying regassified natural gas from April 2005 onwards to CFCL's plant located at Gadepan, Kota in Rajasthan.

The largest customer on the Hazira-Bijaipur-Jagdishpur pipeline, CFCL is currently operating the Gadepan plant on Naphtha being supplied by IndianOil.

The CFCL plant at Gadepan is expected to consume around 1.6 million standard cubic metres of natural gas per day.

"With a vision to be an integrated energy company, IndianOil has aggressive plans to satisfy customers who in turn, see a distinct advantage in dealing with the oil major with a portfolio of liquid as well as gaseous fuels," the release said.