SL to buy fuel from IOC under US $ 200mn Indian credit line

Indian Oil Corporation (IOC) Ltd has secured a bid to supply four shipments of fuel, comprising of diesel, petrol and Jet A1 aviation fuel, under the US $ 200 million short-term loan facility provided by the Export-Import Bank of India. 

Energy and Power Minister Kanchana Wijesekera sought the approval of the Cabinet of Ministers to award the four procurements to IOC, based on the recommendation of the Cabinet-Appointed Special Standing Procurement Committee.

Under the four procurements, Wijesekera noted that diesel, petrol and Jet A1 aviation fuel would be imported.
The government called for bids to procure fuel under the US $ 200 million short-term loan facility provided by the Export-Import Bank of India on April 2 and the Cabinet-Appointed Special Standing Procurement Committee recommended to award the four contracts to IOC on April 29.

India had previously extended a US $ 500 million credit line to finance fuel shipments to the country.