Financial Daily from THE HINDU group of publications
Friday, Dec 16, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 16, 2005 |
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Industry & Economy
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Petroleum H1 credit demand of oil PSUs up: Aiyar Our Bureau
New Delhi , Dec. 15 THE Petroleum Minister, Mr Mani Shankar Aiyar, today informed the Lok Sabha that there was an increase in the short-term credit demand of some public sector oil companies due to temporary cash mismatch brought about by high international oil prices and lower internal accrual because of under-recoveries on the sale of certain petroleum products. The oil companies have borrowed Rs 9,327.17 crore in short-term loans during the first half of the current fiscal. HPCL and BPCL saw a significant increase in the borrowings during the period compared to the whole of 2004-05. HPCL borrowed Rs 3,850 crore for the first half, significantly higher than Rs 1,952 crore for the whole of 2004-05. BPCL's borrowing went up from Rs 1,308 crore in 2004-05 to Rs 2,307 crore for the first half of this year. ONGC has borrowed Rs 2,590 crore during the first half against Rs 3,166.83 crore for the whole of 2004-05. IOC, which borrowed Rs 5,345 crore in 2004-05, took short-term loans of Rs 566 crore in the first half of the current fiscal. The oil companies have availed themselves of short-term credit facilities where the interest rates range from 5.18 per cent to 6.44 per cent, the Minister said. During the April-September period, the rate of interest was linked to Mumbai Inter Bank Offered Rate (MIBOR). One-month commercial paper rate is in the 6.20-6.25 per cent a year range.
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