Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, has conducted online auctions of RPC (Raw Petroleum Coke) from its various refineries on 22nd and 23rd Jul’20 for intrastate consumers.
Results of the auctions are enumerated as follows:
It is observed that at Barauni refinery, the entire offered quantity of Group-B grade pet coke was sold out in this auction, whereas only 2,610 t of Group-A grade was sold, at their respective reserve prices.
At Bongaigaon refinery, a decent quantity of 31,640 t was sold but a meager quantity of 2,000 t was sold at Koyali refinery.
Notably, the reserve prices for RPC at Bongaigaon and Koyali refineries have been reduced by INR 620/t as compared to IOC’s last auction in Jun’20. This has helped in garnering better response in the current auctions.
Outside-state auctions for the leftover quantities have been announced on 25 Jul’20 at Barauni refinery and on 27 Jul’20 for Bongaigaon and Koyali refineries.
Delivery periods for both within-state and outside-state e-auctions are for 45 days. Accordingly, intrastate despatches will commence from 24 Jul’20 till 6 Sep’20, while for outside-state it will be from 28 Jul’20 to 10 Sep’20.
Outside state bidders are required to make pre-bid earnest money deposit (EMD) payments as per terms of the auctions. Eligible bidders are required to submit EMD amounts to IndianOil’s e-auction service provider, MSTC Ltd.
By Aditya Sinha
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