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Petronet LNG clears short-term loans

NEW DELHI, JULY 1. Petronet LNG has pre-paid Rs. 1,260 crore promoter-guaranteed short-term loans. "We made the first draw down of Rs. 1,260 crores from the project loan this week to pre-pay the promoter-guarantee loan," senior company officials said here.

Petronet had borrowed short term loans from banks in 2000 for starting construction on its over Rs. 2,500 crore, five million tonnes a year LNG import and degasification terminal at Dahej in Gujarat. However, the company drew only Rs. 1,260 crores against the sanctioned limit of Rs. 1,400 crores. PLL promoters — public sector oil firms Indian Oil Corporation (IOC), Oil and Natural Gas Corporation (ONGC), GAIL India and Bharat Petroleum Corporation (BPCL), guaranteed the short-term loans. The interest rate on the short-term borrowing was between 11.5 per cent and 7.5 per cent. Subsequently, Petronet tied up long-term project loans of Rs. 1,804 crores from a consortium of 14 banks at 8.75 per cent. Out of this, it made the first drawal of Rs. 1,260 crores earlier this week to pre-pay the short-term borrowing.

PTI

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