Indian Oil Corporation Ltd. (IOC), the country’s second-largest producer of petroleum coke, had scheduled online auctions of RPC (Raw Petroleum Coke) for Outside State consumers on 21st May’20, after completing e-auction from its various refineries on 18th May’20 for intrastate consumers.
The auction quantities are enumerated as follows:
| Refinery | Quantity offered for Outside State consumers (in MT) |
| Bongaigaon | 20,000 |
| Digboi | 7,500 |
| Koyali | 23,000 |
| TOTAL | 50,500 |
The delivery period for Outside State (OS) e-auction was for 45 days after the completion of the auction from 23rd May’20 to 6th Jul’20.
However, it is learnt that the auction could not be conducted due to technical glitch faced by MSTC in running the auction platform. The same could not be resolved in time and prospective bidders could not bid in live auction.
Notably, this is the first time when an auction of RPC could not be held due to such issue faced by MSTC. IOC has engaged MSTC, a public sector unit, to conduct RPC auction since 2012 and they have been successfully conducting auctions since then.
In fact, MSTC have modified their auction platform to suit the requirement of IOC auction conditions which was tailor-made to meet the direction given by the Ministry of Petroleum and Natural Gas (MoPNG) in 2012 to sale RPC through auction.
It is understood that a fresh date would be announced for this auction for Outside State consumers shortly.
There has been very poor response in auction for intrastate consumers conducted on 18th May’20. We will have to wait and watch the response in the forthcoming auction for Outside State consumers, particularly in face of increased reserve prices at Bongaigaon and Digboi and decrease in reserve price at Koyali.
Leave a Reply