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Govt to issue Rs 35300cr worth oil bonds for FY08

2008-05-16 16:56:05 Source : CNBC-TV18

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The government will issue Rs 35,300 crore worth oil bonds for FY08. The FM has pegged under-recoveries at Rs 70,579 crore, reports CNBC-TV18. HPCL will receive 21% oil bonds for FY08. BPCL will receive 23% and IOC will receive the remaining 56% of oil bonds issued for FY08.

The Oil Marketing Companies will absorb 18-19% of the total underrecoveries. HPCL will absorb approximately Rs 3000 crore in FY08 versus Rs 770 crore in FY07.