Letter of Acceptance (LOA) awarded to Company''s JV Company - Amron Oil Resources Private Limited by Indian Oil Corporation Limited.
GULFPETRO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
GP Petroleums' joint venture company, Amron Oil Resources Private Limited, has been awarded a Letter of Acceptance (LOA) by Indian Oil Corporation Limited (IOCL). The contract involves supply of 15,000 MT of bulk bitumen (9,000 MT of VG-30 and 6,000 MT of VG-40) at Pipavav port. The order value is ₹74.04 crore including 18% GST. The contract is valid for 12 months from placement date, with option to extend another 12 months on mutual consent. IOCL is a government-owned PSU and this is a purely domestic supply contract. No related party transaction is involved.
The order value of ₹74 crore provides revenue visibility for the JV over the next 12 months, representing a positive business development. However, being a JV entity, the direct financial impact on GP Petroleums' standalone financials will depend on its ownership stake in Amron Oil.