News Release Details

IndianOil Signs MoU with Government of India for 2009-10
New Delhi   28-Mar-2009
<b>To commission projects worth Rs. 30,000 crore in next fiscal</b> As a step towards ensuring the energy security and sustained economic growth of the nation, IndianOil has set for itself a tough and challenging agenda in its growth-oriented Memorandum of Understanding (MoU) with the Government of India for the year 2009-10. The MoU was signed here today by Mr. RS Pandey, Secretary, Ministry of Petroleum and Natural Gas, on behalf of the Government of India, and Mr. Sarthak Behuria, Chairman, on behalf of IndianOil. Mr Pandey, while complimenting IndianOil on its remarkable organisational structure, and wide reach across every nook & corner of India, was of the view that the public sector units in the oil & gas sector must aim to achieve 100 % customer satisfaction in all aspects. Mr Behuria said, “We continue to see high growth in demand of petroleum and diesel products and our endeavor remains to meet the total requirement. He added, that despite the downturn in the economy, IndianOil continues with its planned projects on schedule, which will help to boost the Indian economy. To ensure optimum utilisation of resources and increased operational efficiency in both Refineries and Marketing divisions, substantial cost reduction at the operational level is a major thrust area of the MoU. IndianOil's efforts to usher in cleaner fuels continue to remain in sharp focus with major ongoing projects like the residue upgradation project at Koyali Refinery in Gujarat and petrol quality upgradation projects at Panipat, Mathura, Barauni, Guwahati and Digboi refineries. The MOU also lays due emphasis on physical parameters like crude oil throughput, energy factor, project milestones, etc. IndianOil will commission projects worth Rs. 30,000crore during the year 2009-10, including the Naphtha Cracker at Panipat; residue upgradation project at Koyali Refinery; once-through Hydrocracker at Haldia; and Panipat Refinery additional expansion project (12 to 15 MMTPA). An interesting case-specific life-cycle assessment study of Jatropha bio-diesel has been assigned to IndianOil's R&D Centre, which would help compare the impact of Jatropha bio-diesel on the environment vis-à-vis petro diesel for various transportation modes. New parameters included in the MoU relate to Corporate Social Responsibility (CSR) initiatives, e-procurement and setting up of a network and infrastructure for polymer marketing. The Corporation also plans to commission more than 200 Kisan Seva Kendra (special format retail outlets) as one-stop shops for rural customers. The MoU also gives due weightage to the performance of IndianOil's refining subsidiary, Chennai Petroleum Corporation Ltd.