India Authorities Issue Bonds to State Oil Companies
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Sunday, 30 March 2008 |
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The Indian government has issued bonds in compensation for maintaining state regualted petrol pricing.
The Indian government has issued bonds valued at $2.33bn (92bn rupees) to state oil firms to compensate
them for selling fuel at state-set prices. A finance ministry
statement said bonds would be issued to Indian Oil Corp, Bharat
Petroleum Cor, Hindustan Petroleum Corp and ONGC. The non state oil companies of Essar, Reliance and Shell have been
taking their own steps to deal with the losses incurred by regualted
pricing by closing their retail service station network or fuel brands
sales.
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