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IOC sales turnover crosses Rs 1,00,000 cr

Our Bureau

KOLKATA, April 9

INDIAN Oil Corporation's sales turnover in 2000-01 exceeded Rs 100,000-crore mark. Giving this information here today, Mr O. N. Marwaha, Director (Marketing) IOC, said this was for the first time for any Indian company to have achieved this level of turn over. In 1999-2000, IOC's turnover amounted to Rs 92,000 crores.

The profit in 2000-01, Mr Marwaha estimated, would be Rs 2,700 crores, marginally up over last year's Rs 2650 crores.

``We have been able to maintain the profit at the 1999-2000 level despite intense competition in retail sales and pressure on the margins of the refineries'', Mr Marwaha observed. The high crude price had thrown the refinery margin virtually out of gear.

Historically, IOC, he pointed out, had never been a major player in retail segment. Only in past few years, the company had been able to step up its market share to close to 40 per cent.

With IOC having acquired Chennai Petrochemicals and Refinery Ltd, and Bharat Petroleum Corporation taking over Cochin Refinery Ltd, a new set of marketing arrangement had to be worked out. This was because earlier BPCL had the marketing rights for the pr oducts of the Chennai Refinery while IOC had similar rights for Cochin Refinery's products.

With Bongaigaon Refinery & Petrochemicals Ltd, the problem would be much less. This was because IOC already had the marketing rights for petroleum products of BRPL. With it would now be added, the petrochemicals items.

IOC's proposal for the joint venture company with the Reliance Petro was awaiting Government's approval. The proposed joint venture would take care of the marketing of the 50 per cent of the production of the Reliance's Jamnagar refinery. IOC, it might be recalled, has already entered into an arrangement with Reliance to market through its own network about 50 per cent of the production of the Jamnagar refinery.

Referring to report of IOC acquiring equity stake in the Haldia Petrochemicals Ltd, he said the due diligence report from KPMG was awaited.

Picture: Mr. O.N. Marwaha, Director (Marketing) IOC, addressing a press conference in Kolkata on Monday.

Picture by Parth Sanyal