Indian Oil net up 53% to Rs 1,386 crore

MUMBAI, Oct 28: Public sector oil giant, Indian Oil Corporation's net profit soared 53 per cent in the first half of this fiscal to Rs 1,...

MUMBAI, Oct 28: Public sector oil giant, Indian Oil Corporation’s net profit soared 53 per cent in the first half of this fiscal to Rs 1,386 crore, from Rs 904 crore in the first half of last year.

The oil refining and marketing company earned a turnover of Rs 34,052 crore between April and September this year, which was a 21 per cent increase over its sales in the first six months of the 1997-98 financial year. In the whole of last year Indian Oil had earned a profit of Rs 1,706 crore, out of a turnover of Rs 59,264 crore.

An Indian Oil release says the phased dismantling of the administered pricing mechanism had allowed the company to “reach new heights in marketing and operations.” The freeing of oil prices began in September last year, when the subsidy on diesel was rolled back.

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Beginning April this year, a partial import parity was allowed in the pricing of crude oil and price controls were lifted from industrial fuels, like naphtha, low sulphur heavy stock (LSHS), light diesel oil (LDO) andfurnace oil.

The financial comfort will enable Indian Oil to invest Rs 9,500 crore during the Ninth Five Year Plan period, to build new projects and in upgrading old ones. It is commissioning a six-million-tonne capacity refinery at Panipat and is expanding the capacity of its Gujarat refinery by six million tonne.

Indianoil’s Haldia-Barauni crude pipeline will be commissioned in December 1998, six months ahead of schedule. The company is also building a fluidised catalytic converter unit (FCCU) at the Haldia refinery and expanding its Barauni refinery to a capacity of six million tonne.

Also on the anvil is a nine-million-tonne-capacity grassroots refinery at Paradip and another refinery in south India, as a joint venture with Madras Refineries Limited (MRL).

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