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Chennai
Petroleum Corporation Limited (CPCL) has declared highest ever
dividend of 120% for the year 2004-05. This was announced by
Mr.S.Behuria, Chairman, IndianOil Group Companies, at the Company’s
39th Annual General Meeting (AGM) in Chennai today (24.08.2005).
CPCL has been maintaining uninterrupted dividend paying record
for the 34th consecutive year.
The Gross Turnover for the
year 2004-05 was the highest ever at Rs.16,270.64 crore as against
Rs.9,430.45 crore the previous year. The profit before interest,
depreciation and tax for the year 2004-05 was highest ever at
Rs.1,299.67 crore as against Rs.736.52 crore in 2003-04. The
profit after tax for 2004-05 was also highest-ever at Rs.596.97
as against Rs.400.05 crore the previous year. The increase in
profit was due to higher production of value added products,
favourable refining margins and holding gains on stocks.
The crude thruput for the
year 2004-05 was 8.92 Million Metric Tonnes (MMT) which was
higher than the previous year’s (2003-04) crude thruput
of 7.04 MMT. Post expansion, CPCL’s Manali refinery processed
8.18 MMT and CPCL’s Cauvery Basin Refinery (CBR)’s
crude thruput was highest ever at 0.74 MMT.
With the commissioning of
3 MMTPA refinery expansion-cum-modernisation project of Manali
Refinery, CPCL has the advantage of processing wide range of
crudes, thus providing more flexibility to its operations. Moreover,
the superior quality of products from this unit would also enable
CPCL to meet the Auto Fuel quality norms of Bharat Stage-II
and Euro-III equivalent.
CPCL’s Board has
approved the preparation of Process Packages for two projects,
namely Diesel Hydro De-Sulphurisation (DHDS) Revamp to increase
its capacity from 1.8 to 2.34 MMTPA and Conversion of the existing
Catalytic Reforming Unit to Continuous Catalytic Reformer with
an increase in capacity from 225,000 to 303,750 Tonnes Per Annum
(TPA). Also, a Process Package for de-bottlenecking Refinery-III
capacity from 3.0 to 4.0 MMTPA has been undertaken. The Detailed
Feasibility Report (DFR) for 150,000 TPA Polypropylene Unit
is also under preparation and once the DFR is ready, CPCL would
approach the Board for investment approval. The estimated cost
of Polypropylene Project is Rs.1,155 crore.
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