LPG cavern to be ready in current fiscal

Visakhapatnam, July 17 (UNI) The underground LPG cavern being constructed near Dolphin's nose here would be commissioned during the first half of the current fiscal year, according to HPCL official sources.

According to the sources here today, the Board of Directors of Hindustan Petroleum Corporation Ltd (HPCL) reviewed the performance of the company during the 2006-07 and discussed the progress of the cavern project.

The south Asia LPG Ltd was constructing the cavern with a capacity of 60,000 tonnes on a 50:50 joint venture of HPCL and total of S A of France at a cost of Rs 330 crore.

The sources said the company had recommended a final dividend of Rs 12 per share in 2006-07, in addition to the interim dividend of Rs six per share already declared.

The Board approved a net proft of Rs 1,571 crore for the year under review as against Rs 406 crore during the previous year, registering a jump by 287 per cent. The company would qualify for excellent rating for 16th consecutive year, they added.

UNI