Shri Murli Deora, Minister for Petroleum & Natural Gas received here today a dividend cheque for Rs. 1197.60 crore from Shri Sarthak Behuria, Chairman, Indian Oil Corporation representing the dividend payable to the Government of India as 82% equity holder in the Company. Indian Oil Corporation (Indian Oil) has paid out a total dividend of 125% 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.
On this occasion, Shri 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 throughput of 38.52 million tonnes for the year surpassing the previous best of 37.66 million tonnes. Their combined capacity utilization of 93.1% 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. Company 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 US$ 41 Billion turnover company today to US$ 60 Billion by the year 2011-12 with well-coordinated strategic plans, including clear blueprints for investments to the tune of US$ 12 billion or 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.
RCJ/UB
(Release ID :21101)