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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