 "Indian Oil Corporation, IOCL, IOC")
The impasse between the Odisha government and Indian Oil Corporation Ltd (IOCL) ended with both parties agreeing on a consensus. According to a mutually agreed compromise formula, the state government would extend a Rs 700 crore interest-free loan annually to the oil marketing company for 15 years. Earlier, the state government had announced deferment of Value-Added Tax (VAT) for 11 years to ensure commercial viability of IOCL’s crude oil refinery at Paradip.
The announcement on the resolution of the deadlock was made by Petroleum & Natural Gas (PNG) minister Dharmendra Pradhan at a press conference in New Delhi on Saturday.
