Bharat Petroleum raises USD 600 million

NEW DELHI, January 12, 2017 – Bharat Petroleum Corporation (BPCL) sold a total of USD 600 billion worth of 10-year dollar bonds to investors on Wednesday.

The deal was done through BPCL’s wholly owned Singaporean arm BPRL International Singapore. Around 75% of the investors were from Asian countries, while the remainder were from the Middle East or Europe.

The company intends to put the money towards loans acquired via its 2016 purchase of equity in the Tass-Yurakh and Vankor fields in Russia, a move made through a consortium of its subsidiary, Bharat Petro Resources, and Oil India and Indian Oil Corporation at a cost of USD 2.02 billion. The loans were given out by Citibank, UK’s Standard Chartered, DBS Bank, Japan’s Mitsubishi UFJ Financial Group and SBI Capital Markets.

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