IOC, RPL sign marketing pact

MUMBAI, APRIL 9: Indian Oil Corporation (IOC) has signed an agreement with Reliance Petroleum Ltd (RPL) for marketing the petroleum produ...

MUMBAI, APRIL 9: Indian Oil Corporation (IOC) has signed an agreement with Reliance Petroleum Ltd (RPL) for marketing the petroleum products proposed to be produced by RPL refinery at Jamnagar in Gujarat.

The 10-year agreement specifically covers marketing arrangements, both during the transition period (upto dismantling of the administered pricing mechanism) and post-transition period (after APM dismantling), an IOC release said.

The terms and conditions of the agreement, which was earlier approved by the IOC Board, are strictly in line with the guidelines and directives given by the ministry of petroleum and natural gas, the release added.

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During the transition period, till complete de-regulation of the oil sector, Indian Oil will be marketing 50 per cent of RPL refinery production of Controlled Products (APM) namely, petrol, diesel, kerosene (PDS), aviation turbine fuel (ATF) and LPG (Domestic), the release said.

These products would be included in the oil economy budget (OEB)/supply plan for thepurpose of supply and demand management of the country and would be absorbed in marketing network of Indian Oil, the release said.

PTI adds: Meanwhile, Reliance Industries Ltd (RIL) today ruled out buying sick company S M Dyechem glycol division. The petrochemical major in a statement said "Reliance Industries denies any intention of acquiring the mone-ethylene glycol (MEG) plant of S M Dyechem".

The statement follows reports in press today of RIL plans to buy the glycol division of S M Dyechem.

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The Board for Industrial and Financial Reconstruction (BIFR) in an interim-order based on the hearing on March 11, 1999 had asked the S M Dyechem operating agency IDBI to frame a rehabilitation scheme based on the sale of glycol division to RIL.

According to the order, SM Dyechem chairman SM Shetty had informed BIFR that RIL was approached through financial institutions for buying the division. Apart from RIL, IPCL and Finolex Ltd was also approached. "However, only RIL, who were approached through theinstitutions at highest levels, showed interest and could be convinced to takeover the unit," the BIFR order said quoting Shetty.

"They (RIL) had expressed agreement to this proposal and were still ready to takeover the glycol division," Shetty informed BIFR adding that this was the only chance for sale of that unit and whatever could be recovered from them should be accepted since otherwise no value was likely to be realised from these assets.

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