January 26, 2010
REPUBLIC DAY CELEBRATED AT CPCL
Republic Day was celebrated with enthusiasm at Chennai Petroleum Corporation Limited’s (CPCL) Manali Refinery Complex this morning (26.01.2010). Mr.K.Balachandran, Managing Director, CPCL, unfurled the National Flag and took the salute at an impressive parade by the Central Industrial Security Force (CISF) contingent stationed at CPCL.
Speaking on the occasion, Mr.Balachandran recalled the innumerable sacrifices of our forefathers in the struggle for an Independent India. He said that the global refining industry, is witnessing a steep fall in margins, forcing production cuts due to high crude oil prices, low demand and burgeoning inventory levels, have put the Gross Refining Margin (GRM) under pressure. For CPCL, the spurt in crude oil prices, without a commensurate increase in prices of refined products, has resulted in erosion of refining margins in Q3 of 2009-10 inspite of excellent physical performance. He hoped that strict monitoring of fuel & loss, efficient plant operation without many un-planned downtime would ensure CPCL to end the financial year on a good note.
Senior executives of CPCL, CISF Jawans and a large number of employees along with their family members participated in the celebrations. Service Awards/Suggestion awards/Meritorious awards for employees’ children were presented on the occasion.
Earlier, Mr.Balachandran hoisted the National Flag at CPCL’s Corporate Office at Teynampet.
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