Chennai, May 15 (UNI) Public sector Chennai Petroleum Corporation Limited (CPCL) recorded the highest-ever turnover of Rs 32,889 crore for the year 2007-08, registering a 12.06 per cent increase over the previous year and clocked a 95 per cent hike in profit before tax (PBT).
Giving details of the annunal performance for 2007-08 at a press conference here, IOC Chairman Sarthak Behuria said the company also registered a 95.46 per cent growth PBT to Rs 1,722 crore as against Rs 881 crore for the previous year.
The profit after tax (PAT) rose to Rs 1,123 crore from Rs 565 crore earned in the previous year.
On new project initiation, he said the company proposed to set up a 15 Million Metric Tonne Grassroot Refinery-cum-Petrochemical Complex at Ennore in North Chennai for which the preliminary feasibility studies were ready.
After joint surveys with Tamil Nadu Industrial Development Corporation (TIDCO), the CPCL had identified 3,300 acres of land for the project.
Prior to the acquisition of the lands, the company was pursuing with Ministry of Environment and Forest and Tamil Nadu Pollution Control Board with regard to the acceptability of the identified location from the environmental angle.
Mr Behuria said the company also proposed to set up a resid upgradation project, to improve distillates and yield and refinery margins, involving an estimated cost of Rs 3,200 crore.
Licensor selection and preparation of process package had been commpleted for the Delayed Coker Unit. The scoping study had also been completed for revamp of hydrocracker unit, he said.
Selection of licensor for the Sulphur Recovery Unit was in progress, he said adding the Resid Upgradation Project was expected to be completed by 2011.
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