i Develop Stocks Advisory: Indian Oil, HPCL scrap oil tender; eyes on Reliance

Tuesday, April 21, 2009

Indian Oil, HPCL scrap oil tender; eyes on Reliance

State-run Indian Oil Corp and Hindustan Petroleum have scrapped their tenders to buy 306,000 tonnes of gasoline and diesel, as they plan to buy the fuel supplies from Reliance Industries, traders said on Monday.

"Comparatively low current crude oil prices make it attractive to sell products in the domestic market as an option," said an India-based trader.

Last week, Reliance surrendered an export unit tag of its older 660,000-bpd refinery in Western India, as it was struggling to sell oil products in the overseas markets amid falling global demand and margins.

IOC and HPCL had issued two separate tenders for oil product imports.

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Tuesday, April 21, 2009

Indian Oil, HPCL scrap oil tender; eyes on Reliance

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