Petrol Stop - Air India owes Rs 4,170 crore to public sector oil companies

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Air India owes Rs 4,170 crore to public sector oil companies

Wednesday, 14 December 2011

13 Dec 2011;hindustantimes.com:New Delhi: National carrier Air India (AI) owes over Rs 4,170 crore to the public sector (PSU) oil companies in unpaid jet fuel (ATF) bills, minister of state for petroleum and natural Gas R P N Singh said on Tuesday. “As on November 30, total dues outstanding on account of aviation turbine fuel (ATF) supplied to Air India by public sector oil marketing companies is Rs 4,170.5 crore,” he said. Of this, Rs 3,588.2 crore is the principal and Rs 582.3 crore is the interest. Air India owes Rs 2,380.9 crore in the principal amount to Indian Oil Corp (IOC), Rs 635.1 crore to Bharat Petroleum Corp Ltd (BPCL) and Rs 573.0 crore to Hindustan Petroleum Corp Ltd (HPCL). Besides, it also owes an interest of Rs 423.4 crore to IOC, Rs 92.7 crore to BPCL and Rs 66.2 crore to HPCL. “Oil marketing companies have reported that they had requested Air India for payment of dues, failing which they could take appropriate action for recovery of dues, including restriction of supplies,” Singh said. The government has decided to extend credit facility of three months on ATF supplies to provide Air India with some time to complete its financial restructuring exercise which is currently going on, he said.