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New Delhi March 6 Indian Oil Corporation Ltd (IOC) has signed loan agreements to raise foreign currency loans of $250 million to meet its oil import requirements.

The agreements for $250 million loan facility at highly competitive rates, comprising $200 million from Banco Bilbao Vizcaya Argentaria (BBVA), Singapore, and $50 million from Mizuho Corporate Bank Ltd, Singapore, were signed on Monday at Hong Kong, according to a statement issued by the company here today.

It is for the first time that IOC has entered into an agreement with BBVA for short-term foreign currency loan for a period of one year, the statement said.

The corporation has the flexibility to avail itself of these facilities in Japanese Yen equivalent.

For the year 2006-07, IOC plans to import about 43 million tonnes of crude oil.

More Stories on : Overseas Borrowings | Petroleum

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