INDIAN OIL CORPORATION LTD. - Indian Oil Corporation Ltd reply to clarification sought by the exchange

The Exchange had sought clarification from Indian Oil Corporation Ltd with respect to news article appearing on CNBC TV 18 on June 03, 2015 titled "IOC, HPCL in talks w/Iraq's SOMO to buy 4m bbls oil for strategic reserves"<BR><BR>Indian Oil Corporation Ltd replied stating "We would like to clarify as under:-<BR><BR>The Govt. of India has directed Indian Oil Corporation and HPCL to procure crude oil from Iraq for "Indian Strategic Petroleum Reserves Limited", a Wholly Owned Government Company under the Ministry of Petroleum & Natural Gas set up for storage of strategic reserves. IndianOil has only acted as a facilitator for import."