Indian Oil makes Rs1,460 crore pay-out for 2005-2006

Mumbai: Indian Oil Corporation (Indian Oil) has paid out a total dividend of 125 per cent amounting to Rs1,460 crore for the financial year 2005-06, on a total share capital of Rs1,168 crore.

Sarthak Behuria, chairman, Indian Oil, presented a cheque for Rs1,197.60 crore, representing the dividend payable to the Government of India for its 82 per cent equity stake in the company, to petroleum minister Murli Deora.

With a record of 40 consecutive years of profitability and dividend payment, IndianOil has so far paid a cumulative dividend of Rs11,602 crore to its shareholders.

IOC reported a net profit of Rs4,9115 crore during the year 2005-06.

The corporation sold 49.61 million tonnes of petroleum products, including gas and exports, during the year 2005-06. Product exports went up to 2.09 million tonnes, from 1.96 million tonnes the previous year.

Its seven refineries posted a record combined throughput of 38.52 million tonnes for the year surpassing the previous best of 37.66 million tonnes. Their combined capacity utilisation of 93.1 per cent during the year was also the highest in the last six years. The pipelines network was expanded to over 9,000 km and posted a combined throughput of 45.35 million tonnes as against 43.03 million tonnes during last year.

IndianOil aspires to grow from a $41 billion company to $60 billion by the year 2011-12 with strategic plans, including planned investments to the tune of $12 billion (Rs50,000 crore) mainly in integration and diversification projects, refinery expansions, product quality upgradation and retail operations.

By that year, IndianOil would have about 80 million metric tonnes per annum (MMTPA) refining capacity under its fold. Its pipeline network is also set to cross the 10,000 km mark soon. In marketing, Indian Oil expects to leverage the combined strength of over 30,000 sales points to its full advantage with focus on the untapped rural markets, non-fuel revenues and retailing business.