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IOC raises 50 million dollar loan from Citibank

New Delhi: The Indian Oil Corporation has raised a 50 million dollar loan from Citibank, Bahrain to take care of its oil import expenses for the next six months. IOC entered into the short-term loan agreement with Citibank last week. Earlier, IOC had entered into a loan agreement with BNP Paribas, Singapore, for raising 100 million dollars for a year, a company press release said here. P Sugavanam, Director (Finance), IOC, and Sankar Krishnan, Regional Manager (Middle East, South Asia and North Africa), Citibank signed the agreement in Dubai. The IOC plans to import over 30 million tons of crude oil in the current fiscal.

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