Indian oil majors to target higher turnover

Monday, 29 March 2004, 08:00 Hrs
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NEW DELHI: The public sector Hindustan Petroleum Corporation Ltd. (HPCL) and Oil India Limited (OIL) will target a higher sales turnover in the next financial year by increasing crude production.

While HPCL's sales turnover has been set at over 558 billion against this year's 537.8 billion, OIL is to raise its target to 29.8 billion from this year's 27. 1 billion.

The ministry of petroleum and natural gas Monday signed a memorandum of understanding (MoU) with the two companies, assigning them the performance targets, the ministry said in a statement.

Under the MoU, HPCL has been earmarked a crude throughput target of 6.02 million tonnes for its Mumbai refinery and 7.5 million tonnes for its Visakhapatnam refinery.

OIL has been set a target to produce 3.21 million tonnes of crude and 2.05 billion cubic metres of gas for next year against three million tonnes and 1.81 billion tonnes respectively this year.

The statement said HPCL proposed to complete green fuels and emission control projects at its Mumbai and Visakhapatnam refineries at a cost of 27.8 billion.

Source: IANS
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