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| Exchange Disseminated Time | Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the Consortium Partners of Block CB-ON-7 have inter-alia agreed with Indian Oil Corporation Ltd (IOC), the Buyer of Crude oil from the said Block, for a final price of crude oil being sold to IOC.
The said price revision would be applicable with retrospective effect from the commencement of the first sale to IOC from the said Block.
The Company, which holds 35% participating interest in the said Block shall receive about USD 3.018 million (gross subject to profit petroleum share of the Government of India) as arrears upto October 31, 2009 on account of the above. |
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