Global Processing

Indian Oil ties up $3 billion debt for refinery

May 18, 2009
State-run Indian Oil Corp has tied up 149 billion rupees ($3 billion) term loan for a new refinery in east India in the country''s largest syndicated rupee loan for a single project, according to Reuters. A consortium of 21 lenders led by State Bank of India agreed to provide the loan for the 15 million tons a year refinery in Orissa state, SBI Capital Markets said in a statement. The refinery, due to be commissioned in early 2012, is expected to cost 335.04 billion rupees funded through a mix of Indian and foreign debt and internals accruals, it said. The refinery is part of Indian Oil''s plan to raise its refining capacity to more than 1.6 million barrels a day by 2011/12 from the current 1.2 million barrels.