Gulf Oil and Gas accountACCOUNT

IndianOil's MoU with Govt. focuses on ushering in cleaner and sustainable energy sources

Source: www.gulfoilandgas.com 3/31/2008, Location: Asia

As a step towards ensuring the energy security and sustained economic growth of the nation, IndianOil, in its growth-oriented Memorandum of Understanding (MoU) with the Government of India for the year 2008-09, has focussed its efforts on ushering in cleaner and sustainable energy resources. Major initiatives that would facilitate the drive towards green and renewable fuels are: Residue upgradation project at Gujarat Refinery; petrol quality upgradation projects at Panipat and Mathura refineries; commencement of plantation of bio-crops (in Chattisgarh); study of the effect of 10% ethanol blend in petrol; and qualitative progress in R&D Projects, including alternative fuels, improvement in refinery process technologies, reduction in catalyst consumption, etc.

The MoU was signed by Mr. M S Srinivasan, Secretary, Ministry of Petroleum and Natural Gas, on behalf of the Government of India, and Mr. Sarthak Behuria, Chairman, on behalf of IndianOil.

Financial performance (including gross sales, gross margin, net profit/net worth & gross profit/capital employed) and throughput of refineries as well as product pipelines continue to be key parameters, with large capital investment planned for project implementation. During the year, IndianOil will commission a world-class Naphtha Cracker Project with downstream polymer units at Panipat, to establish itself as a leading petrochemicals player in Southeast Asia.

Assessment of customer (direct, reseller, LPG and aviation) satisfaction has been targeted to maintain the Corporation's market leadership. Major R&D initiatives to be monitored under the MoU include the setting up of a nano technology laboratory at the R & D Centre and a Hydrogen and Hydrogen-CNG (H-CNG) dispensing station at an IndianOil petrol/diesel station in New Delhi, among others. In human resource development, the Corporation will focus on new parameters such as improvement in leadership building, recognitions systems and work-life balance.

The MoU also gives due weightage to the performance of IndianOil's refining subsidiaries, Chennai Petroleum Corporation Ltd. and Bongaigaon Refinery & Petrochemicals Ltd.

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