Indian Oil Corporation Ltd. (NSE: IOC), the country’s second-largest producer of petroleum coke, has announced online auctions of RPC (raw petroleum coke) from various refineries.
The auctions are scheduled on 2nd Jan’21 for intrastate consumers. Re-auctions for the leftover quantities, if any, will be conducted on 4th Jan’21 for outside-state consumers.
| State | Refinery | Quantity Offered Within-State (t) | Date of Auction (Within-State) | Date of Auction (Outside-State) |
| Bihar | Barauni (Gr.A) | 12,268 | 02/01/21 | 04/01/21 |
| Bihar | Barauni (Gr.A) | 3,432 | 02/01/21 | 04/01/21 |
| Assam | Digboi (Gr.A) | 4,000 | 02/01/21 | 04/01/21 |
| TOTAL | 19,700 | |||
Salient features of the auctions are enumerated as follows:
i) Delivery periods for both within-state and outside-state e-auctions will be for 45 days. Accordingly, intrastate despatches will commence from 3rd Jan’21 till 16th Feb’21; while for outside-state, it will be from 5th Jan’21 to 18th Feb’21.
ii) Eligible bidders are required to submit earnest money deposit (EMD) amounts to IndianOil’s service provider, MSTC Ltd.
iii) Outside-state bidders are required to make pre-bid EMD payments, according to terms of the auction.
Notably, in the last auction at IndianOil’s Barauni refinery on 26th Nov’20, the entire offered quantity was sold out at a reserve price of INR 19,080/t. The last auction at Digboi refinery, conducted earlier, was also fully sold out at the reserve price at INR 18,190/t.
Given the current market conditions, industry participants are expecting a robust demand of RPC in these auctions.
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