The Hindu Business Line : Indian Oil, BPCL, HPCL earn `excellent' rating for 2004-05

WHILE Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have come out with flying colours in their performance report card for 2004-05 with an `excellent' rating, ONGC follows close behind with a `very good' grade.

The Petroleum Ministry gives the ratings after evaluating the performance of these companies every year. In the beginning of the fiscal, targets are assigned to the companies and the performance is evaluated at the end of the year, based on which the ratings are given. Ratings for GAIL (India) and Oil India Ltd are awaited.

Indian Oil Corporation Ltd has earned an `excellent' rating for 2004-05 in the memorandum of understanding (MoU) signed with the Ministry of Petroleum and Natural Gas.

Indian Oil stated that it has been consistently earning an `excellent' rating for its performance related to the MoU for the past 15 years. For 2004-05, Indian Oil had included many innovative parameters in the MoU, giving due weightage to its globalisation efforts in terms of lube exports and downstream marketing.

During 2004-05, Indian Oil became the first corporate to breach the Rs 1,50,000-crore ($ 35 billion) mark in sales turnover, while at the same time grossing its first $1 billion in revenues through new business initiatives. The company registered an increase of 3.1 per cent in the sale of petroleum products during the year. The company sold 50.13 million tonnes (mt) of petroleum products, including exports, during 2004-05 against 48.61 mt in the previous year.

Its seven refineries registered a combined throughput of 36.63 mt, with a capacity utilisation of 88.6 per cent.

The pipelines network was expanded to 7,730 km and posted a combined throughput of 43.03 mt during the year.

Indian Oil is targeting a turnover of $60 billion by 2011-12 with well-coordinated strategic plans, including clear blueprints for investments of $15.5 billion or Rs 70,000 crore.

To transform itself into an integrated, trans-national energy major, Indian Oil has planned investments of Rs 24,400 crore during the Tenth Plan period (2002-07).

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