IOC presents Rs 1196.60 cr cheque to govt

New Delhi, Oct 3: Petroleum and Natural Gas Minister Murli Deora today received here a cheque of Rs 1,197.60 crore from Indian Oil Corporation representing the dividend payable to the Government of India as 82 per cent equity holder in the company.

IOC has paid out a total dividend of 125 per cent approved by the shareholders recently amounting to Rs 1,460 crore for the financial year 2005-06, on the total share capital of Rs 1,168 crore.

With a record of 40 consecutive years of dividend declaration, Indian Oil has so far paid a cumulative dividend of Rs 11,602 crore to its shareholders.

The net profit of the company was Rs 4,915.00 crore during the year 2005-06.

Mr Deora was informed that the Corporation sold 49.61 million tonnes of petroleum products, including gas and exports, during the year 2005-06.

Product exports went up to 2.09 million tonnes, from 1.96 million tonnes in the previous year. Its seven refineries posted a record combined output of 38.52 million tonnes for the year surpassing the previous best of 37.66 million tonnes.

Its combined capacity utilisation of 93.1 per cent during the year was also the highest in the last six years.

The pipelines network was expanded to over 9,000 km and posted a combined throughout of 45.35 million tonnes as against 43.03 million tonnes during previous year. It aims soon to take its pipeline network past 10,000 km mark.

In marketing too, the Indian Oil Group is set to leverage the combined strength of over 30,000 sales points to its full advantage with focus on the untapped rural markets, non-fuel revenues and retailing business.

The minister was further told that Indian Oil aspires to grow from a 41 billion dollar turnover company today to 60 billion by the year 2011-12 with well-coordinated strategic plans, including clear blueprints for investments to the tune of Rs 50,000 crore mainly in integration and diversification projects, refinery expansions, product quality upgradation and retail operations.

By that year, the Indian Oil Group plan to have about 80 million metric tonnes per annum (MMTPA) refining capacity under its fold.

UNI