IndianOil Posts Rs. 2,488 Crore Profit for Q3


(Gross Turnover up by 26.8% to Rs. 1,04,064 crore in Q3)



Indian Oil Corporation Ltd. (IndianOil) has registered a profit of Rs. 2,488 crore for the third quarter of the current financial year ended December 2011 as compared to a profit of Rs. 1,635 crore for the corresponding quarter of the previous year. The profit for the current quarter could be achieved mainly due to Government compensation of Rs. 8,237 crore for the previous quarters, approved and accounted for in this quarter.



The unaudited financial results of the Corporation were taken on record at the meeting of the Board of Directors here today. The Gross Turnover for the third quarter of the current financial year ended December 2011 rose by 26.8% to Rs. 1,04,064 crore from Rs. 82,097 crore during the same period last year.








Chairman addressing the mediapersons

For the nine-month period, IndianOil’s turnover went up by 26.8% to Rs. 2,97,690 crore. The loss for the period April-December 2011 was Rs. 8,716 crore as compared to the profit of Rs. 3,540 crore during the corresponding period of the previous financial year.



Mr. RS Butola, Chairman, IndianOil, said, "IndianOil sold 19.287 million tonnes of products, including exports, during the third quarter of 2011-12. Our quarterly refining throughput was 14.166 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 18.160 million tonnes. The gross refining margins during the third quarter were US$ 4.31 per bbl."

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In a significant step aimed at offering superior products to plastic processors, IndianOil has unveiled high performance Polypropylene grades for the Polymer processors in the injection moulding sector. The new Polypropylene grades - 1110MAS and 2120MC - were launched today by Mr. R.S.Butola, Chairman, IndianOil, in the presence of Mr. Sudhir Bhalla, Director (HR), Mr. A.M.K. Sinha, Director (Planning & Business Development), Mr. VS Okhde, Director (Pipelines), IndianOil, as well as major customers and business partners in the petrochemicals industry at a high profile event in the Capital today.

The new high performance grades have been developed using cutting edge technology at IndianOil's state-of-the-art Product Application & Development Centre (PADC) located at Panipat. The novel 1110MAS grade is designed to provide better attributes such as higher productivity, high stiffness, low warpage and superior gloss. The other new grade, 2120MC, provides superior aesthetics, excellent clarity, energy saving and higher productivity to polymer processors.

India is amongst the fastest growing petrochemicals markets in the world. IndianOil has identified Petrochemicals as a prime driver of future growth. The Corporation has established world scale mega petrochemicals plants - LAB, PX/PTA and Naphtha Cracker at its Refineries - as well as a world class Product Application & Development Centre. The PADC renders technical services in the areas of customer support, market development & new application development.

Today, IndianOil is a major supplier to the key players in the detergent industry, both national and international. Similarly, in PTA business, all major domestic customers are catered to by IndianOil. A robust logistics model has been the key to IndianOil's success story and facilities have been put in place for seamless product dispatches to customers by rail, road and sea. The technology and capacities of the Naphtha Cracker and Polymer units are world-class, with products ranging from commodity to niche grades. These initiatives are designed to catapult IndianOil among the top three petrochemicals players in Southeast Asia in the long term.
http://www.4-traders.com/INDIAN-OIL-CORPORATION-LI-9743425/news/INDIAN-OIL-CORPORATION-LIMITED-IndianOil-launches-New-High-Performance-Polypropylene-Grades-14004533/

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Mr. VS Okhde has taken over as the Director (Pipelines) of Indian Oil Corporation Ltd., the country's only Fortune 100 company. Prior to his elevation, he was Executive Director (Exploration & Production).

Mr. Okhde brings with him diverse experience of over three decades in various facets of hydrocarbon pipeline systems such as Operations, Maintenance, Engineering Services and Projects. Additionally, he has held senior management positions in the Business Development function. He will head IndianOil's cross-country network of crude oil, product and gas pipelines, spanning almost 11,000 km with a capacity of over 75 MMTPA, the largest in the country.

A Mechanical Engineer from Regional Engineering College, Bhopal, Mr. Okhde also holds a degree in Executive Management from Management Development Institute (MDI), Gurgaon.

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Hike in petroleum product prices to wait till polls

With international crude oil prices hovering around $110 a barrel and the subsidy bill threatening to balloon, touching around Rs. 1,40,000 crore this fiscal, the oil marketing companies (OMCs) have been denied "political go-ahead" to raise the prices of petrol, diesel and domestic LPG due to Assembly polls in Punjab, Uttar Pradesh , Uttarakhand , Goa and Manipur.

The United Progressive Alliance-Il is wary of raising the prices of petroleum products as it feels that not only will this add to inflation, which has been cooling down for the last few weeks, but also upset the voters and work to the disadvantage of the Congress and its allies.

Courtesy: The Hindu, New Delhi, January 19, 2012

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Hydrogen-powered three-wheeler ‘HyAlfa’ makes debut

The world’s first hydrogen-powered three-wheeler, ‘HyAlfa’, was showcased at the 11th Auto Expo here today. Part of a development project dubbed ‘DelHy 3w’, a fleet of 15 HyAlfa three-wheelers will run on an experimental basis at Pragati Maidan, where a hydrogen refuelling station has also been set up. The India Trade Organisation Promotion (ITPO) will use the vehicles on an experimental basis.
HyAlfa has been developed under a joint project by the United Nations Industrial Development Organisation (UNIDO) International Centre for Hydrogen Energy Technologies (ICHET), Mahindra & Mahindra and IIT-Delhi, with support from the Ministry of New and Renewable Energy.
Carbon-free fuel
“The aim of this project is to convert vehicles so that they can carry and use hydrogen — a carbon-free fuel — and thus remove all pollutants,” Mahindra & Mahindra President (Automotive and Farm Equipment Sectors), Mr Pawan Goenka, told reporters here. He said the vehicle is not yet ready for commercial production and further fine-tuning will be required before moving in that direction. “Moreover, we also have to look at the commercial viability of running a hydrogen-powered three-wheeler as the cost of hydrogen will be around Rs 250 per kg, which is not affordable at all,” he said.
CNG three-wheeler
Asked about the possible price of HyAlfa, he said: “When the product is on mass production, it will cost Rs 20,000 to Rs 25,000 more than a CNG three-wheeler.” On an average, a CNG three-wheeler costs close to Rs 2 lakh. Commenting on the development, UNIDO-ICHET Managing Director, Mr Mustafa Hatipoglu, said the DelHy 3W project aims to demonstrate hydrogen technologies developed by Indian partners for the Indian transport sector. Project coordinator, IIT-Delhi Professor L.M. Das, said HyAlfa marks a journey of 20 years from “laboratory to land’’. ITPO Chairperson-cum-Managing Director, Ms Rita Menon, said the hydrogen-powered three-wheeler could play a role in moving towards a newer, sustainable and eco-friendly mode of transportation. “We are happy to be a part of this project and are especially excited about the cargo version,” she said, adding that her organisation plans to submit a report within three months on the vehicle’s performance to the project organisers.

…from the pages of THE HINDU BUSINESS LINE newspaper.

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