Indian Oil's Import Bill to Reach $40 Billion, Chairman Says

By Archana Chaudhary

Oct. 3 (Bloomberg) -- Indian Oil Corp., the nation's biggest refiner, said it will spend $40 billion this year to import crude oil, up from $34 billion in the previous year.

The refiner will buy as much as 47 million tons this year, up from 40 million tons last year, Chairman Sarthak Behuria told reporters in New Delhi.

A global credit squeeze is making fundraising ``tougher,'' Behuria said. The refiner is borrowing as much as 70 billion rupees every month to fund its day-to-day operations, he said.

Indian Oil has up to 40 percent of its debt denominated in U.S. dollars, he said.

To contact the reporter on this story: Archana Chaudhary in Mumbai at achaudhary2@bloomberg.net.