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News Brief | May 2013

OIL may raise Rs $250 mn via dollar loan

Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent on the loan. It may be recalled that the firm plans to spend Rs 3,600 cr on exploration and development in 2013-14, while it has set a target of Rs 19,000 crore investment over the next four to five years on these activities. However, the planned expenditure would not include the acquisition of new assets. Government has been supporting acquisition of global assets to improve total crude oil production and energy security. Meanwhile, the company witnessed around 5 percent decline in crude production during 2012-13 compared to growth in the last four years. Even the production of gas has been flat this year. Even the net profit or the profit after tax is expected to be flat for the year. However, he also said that, "We are inducting new technology at production sites which were affected by the unusual external activities.
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