').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Indian Oil Clarifies On Adani Gas Deal After Public Scrutiny: Report
An Indian Oil spokeswoman said on Thursday that the agreement with Adani was signed very recently and there was no commitment on capacity use
Topics
Indian Oil Corp | Adani Gas | Gautam Adani
Indian Oil Corp. has taken to Twitter in an unusual move to clarify its involvement in an Adani Group company gas import terminal.
The state-run refiner sent a series of tweets late Wednesday to detail a deal with Adani Ports & Special Economic Zone Ltd. involving a proposed liquefied petroleum gas terminal on the nation’s east coast. Indian Oil said there was no take-or-pay liability or binding agreement in place.
The response followed a tweet from opposition lawmaker Mahua Moitra, who accused Indian Oil of not following a proper tender process for the agreement. Moitra’s tweet linked to a Feb. 13 report from the Economic Times newspaper, which said the refiner would shift “a large chunk” of LPG imports to the Adani facility at Gangavaram port from the adjacent Visakhapatnam port.
The newspaper report also stated Indian Oil would fully underwrite Adani’s LPG terminal. The facility will have the capacity to receive 500,000 tons a year.
An Indian Oil spokeswoman said on Thursday that the agreement with Adani was signed very recently and there was no commitment on capacity use.
Shares in Adani Group companies have tumbled in recent weeks following a scathing report from US short seller Hindenburg Research that alleged market manipulation and accounting fraud. Some of Adani projects are likely to face delays in the aftermath of Hindenburg report.
©2023 Bloomberg L.P.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Thu, February 16 2023. 23:17 IST
RECENT NEWS
HSBC Swings The Axe At UK Wealth In An AI Push
HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more
Kraken's Owner Buys A Bank: The Lines Are Blurring
Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more