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Great news from Chennai Petroleum Corporation Limited -dividend of 120%  

Chennai Petroleum Corporation Limited (CPCL), an Indianoil Subsidery  company, has declared a dividend of 120% for the year 2010-11. This was announced by Mr. R.S. Butola, Chairman, IndianOil Group Companies, at the 45th Annual General Meeting (AGM) in Chennai .

The turnover for the year 2010-11 was Rs. 38,124 crore as against Rs. 29,184 crore in 2009-10. The Profit After Tax (PAT) for 2010-11 was Rs. 511.52 crore as against Rs. 603.22 crore, the previous year.

The Utilities and Offsite facilities of the Rs. 2,616 crore Auto Fuel Quality Upgradation Project of CPCL are in various stages of completion. A new 42-inch crude oil pipeline from Chennai Port to Manali Refinery at a cost of Rs. 126 crore is awaiting environmental clearance and Indian Oil Corporation Limited is the Engineering Procurement, Construction Management (EPCM) Contractor.

CPCL’s new project initiatives include the Rs. 3,111 crore Resid Upgradation Project and a brownfield refinery expansion project at Manali with matching secondary processing facilities. CPCL is equipping itself to receive Natural Gas for use at its Manali Refinery and Heads of Agreement for supply of LNG have already been signed with Indian Oil Corporation Limited, from its proposed LNG Terminal at Ennore near Manali.

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