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 its various refineries.
The auctions are scheduled on 22nd and 23rd Jul’20 for intrastate consumers. Re-auction of the leftover quantity will be conducted on 25th and 27th Jul’20 for outside-state consumers.
Salient features of the auctions are enumerated as follows:
i) Leftover quantities, if any, allotted for outside-state consumers will be intimated by MSTC after completion of the intrastate auctions on 22nd and 23rd Jul’20.
ii) Delivery periods for both within-state and outside-state e-auctions will be for 45 days. Accordingly, intrastate despatches will commence from 24th Jul’20 till 6th Sep’20, while for Outside-State it will be from 28th Jul’20 to 10th Sep’20.
iii) Eligible bidders are required to submit earnest money deposit (EMD) amounts to service provider, MSTC Ltd.
iv) Outside state bidders are required to make pre-bid EMD payments, according to terms of the auction.
Notably, IndianOil’s previous round of pet coke auctions received poor response in the last month. Out of total offered quantity of 67,700 t, only 12,580 was sold to intrastate customers and another 1,500 t was sold in the outside-state auctions.
Barring the only exception of Guwahati refinery, wherein entire offered quantity was sold out to intrastate customers, none of the other refineries – Barauni, Bongaigaon, Digboi and Koyali – could sell more than 15% of their respective quantities on offer.
By Aditya Sinha
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