September 06, 2010

CPCL PAYS 120% DIVIDEND FOR 2009-10

Chennai Petroleum Corporation Limited (CPCL) has declared a dividend of 120% for the year 2009-10. This was announced by Mr.B.M.Bansal, Chairman, IndianOil Group Companies, at the Company’s 44th Annual General Meeting (AGM) in Chennai today (06.09.2010).

The turnover for the year 2009-10 was Rs.29,184 Crore. The Profit After Tax (PAT) for 2009-10 was Rs.603.22 Crore.

CPCL’s on-going projects include Rs.2,616 crore Auto Fuel Quality Upgradation Project which is in advanced stage of completion and a new 42-inch crude oil pipeline as a replacement for the existing 30” pipeline from Chennai Port to Manali Refinery at a cost of Rs.65 crore.

CPCL’s new project initiatives include Resid Upgradation Project, Single Point Mooring (SPM) and Crude Oil Terminal (COT). In order to increase the Distillate Yield of the Refinery and reduce Fuel Oil production, CPCL proposes to install a high conversion Resid Upgradation Unit at an estimated cost of Rs. 3,350 Crore and the project is expected to be completed by end 2013. CPCL is also planning to set up a 9.0 MMTPA brown-field refinery project at Manali, replacing the aging original 2.8 MMTPA refinery at a cost of Rs.10,000 crore and achieve better energy/utilities management and optimal product pattern. The project is expected to be commissioned by the end of 2015.

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