Financial Daily from THE HINDU group of publications
Friday, Mar 22, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 22, 2002 |
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Alliances & Joint Ventures Corporate - Alliances & Joint Ventures Industry & Economy - Petroleum IOC hopeful of fresh deal with Reliance soon Our Bureau
MUMBAI, March 21 INDIAN Oil Corporation (IOC) hopes to formalise a fresh marketing agreement with Reliance Petroleum Ltd by the end of this month, Mr M.A. Pathan, Chairman, IOC, said on Thursday. "The transition agreement (for marketing RPL products) will end on April 1, 2002, and a new set of agreements will have to be finalised. The new agreement would make sure that the production of public or private sector refineries would not be impacted by the redistribution,'' Mr Pathan said at a press conference. Efforts for a fresh agreement between IOC and RPL have been on since the former disagreed to lift higher volumes from the latter and called off a proposed marketing joint venture. When questioned about IOC's plans to bid for Hindustan Petroleum and Bharat Petroleum — up for divestment this fiscal — Mr Pathan said the company had not received "official'' communication from the Government for the same. Mr Pathan said IOC had begun renegotiations on buying a stake in the beleaguered Haldia Petrochemicals Ltd. "We are renegotiating management control, our commitment to supply naphtha to the unit and reworking of loans and underwriting by partners,'' Mr Pathan said.
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