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    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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Delayed NSE India Stock Exchange  -  02:06:20 2023-01-30 am EST
81.50 INR   +0.62%
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India's IOC buys Nov Sokol cargo at near parity to Dubai benchmark - source

11/10/2022 | 08:47am EST
FILE PHOTO: An Indian Oil tanker driver waits outside a fuel depot in Mumbai

NEW DELHI/SINGAPORE (Reuters) - Indian Oil Corp, the country's top refiner, has purchased a cargo of Russia's Sokol oil for November delivery thorough a spot deal with a trading firm, a source familiar with the matter said.

The trader won the Sokol cargo at near parity with the Dubai benchmark in a recent tender floated by Russian oil giant Rosneft, the source said. IOC did not respond to Reuters email seeking comment.

Rosneft last month offered six cargoes of Sokol crude for loading in November to early December, signaling that output from the Sakhalin-1 project may be recovering following the departure of former operator Exxon Mobil Corp.

The source said IOC had purchased that cargo at about flat to a minor discount to Dubai on a delivered basis from a trader, one of those that became active in Russian oil after imposition of western sanctions against Moscow following its late-February invasion of Ukraine.

Crude oil tanker Eurodignity started its voyage from Yeosu port in South Korea on Tuesday for arrival at Paradip port on Nov. 23, trade flows data on Refinitiv showed.

The source said IOC did not participate in the Rosneft tender as the Russian company was asking for prepayment.

Normally cargoes of Sokol oil are first shipped from the De-Kastri terminal in Russia's Far East using ice-class vessels to South Korea, where they are then reloaded onto conventional tankers.

(Reporting by Nidhi Verma; Editing by Jan Harvey)

By Nidhi Verma and Florence Tan


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.40% 85.84 Delayed Quote.1.71%
EXXON MOBIL CORPORATION -1.83% 115.61 Delayed Quote.4.81%
INDIAN OIL CORPORATION LIMITED 0.56% 81.5 Delayed Quote.5.88%
S&P GSCI CRUDE OIL INDEX -0.89% 432.7523 Real-time Quote.1.18%
WTI -1.32% 79.236 Delayed Quote.0.75%
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Financials
Sales 2023 7 942 B 97 414 M 97 414 M
Net income 2023 102 B 1 246 M 1 246 M
Net Debt 2023 1 252 B 15 352 M 15 352 M
P/E ratio 2023 11,1x
Yield 2023 3,93%
Capitalization 1 115 B 13 682 M 13 682 M
EV / Sales 2023 0,30x
EV / Sales 2024 0,31x
Nbr of Employees 31 254
Free-Float 27,3%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 81,00 INR
Average target price 89,43 INR
Spread / Average Target 10,4%
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Managers and Directors
Sanjay Kaushal CFO & Executive Director-Corporate Affairs
Shrikant Madhav Vaidya Chairman
S. S. V. Ramakumar Director & Director-Research & Development
Prasenjit Biswas Independent Director
Dilip Gogoi Lalung Independent Director
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