 "B Ashok")
Speaking to reporters on the sidelines of CPCL's 49th AGM at Chennai today he said "no proposal for merger as of now. Their is another partner (Iranian company which holds around 15 % stake) who needs to settle that issue. No clarity at this time. No proposal as of now," said Ashok.
He added, IOC would infuse Rs 1,000 crore into CPCL by end of this month to strengthen CPCL's net worth. It may be noted, CPCL was intimated to BIFR after 50 per cent of erosion in its networth.
The fund infusion would ease reporting requirement and will help the company to support upcoming projects.
Ashok said the project at Manali Refinery will maximise production of high-value distillates and to increase the per centage of high-sulphur crude processing. As part of this, construction of major units like Delayed Coker Unit (DCU) and Sulphur Recovery Unit (SRU) is in progress as planned.
"Work on other utilities and off-site packages have also been initiated. The projected is scheduled to be mechanically completed by July 2016," said Ashok.
Gautam Roy, managing director, CPCL said that the project will help the company to improve Gross Refinery Margin (GRM) by atleast $2 a bbl.
CPCL is also implementing a Rs 257.80 crore new crude oil pipeline at Chennai port is scheduled to be mechanically completed by November 2016.
Ashok said the company has developed an action plan to produce BS-IV transportation fuels by April 2017, as per the Auto Fuel Vision & Policy 2025 of the Government of India.
The company plans to revamp and raise the capacity of the existing DHDS unit from 1.8 MMT per annum to 2.34 MMTPA to ensure product of 100 per cent BS-IV HSD with less than 100 ppm Sulphur content.
"A feasibility report is under preparation in this regard and the project is expected to be commissioned by March 2017" said Ashok, adding in case of gasonline or petrol, the existing facilities will be able to fully meet the BS-IV quality specifications.
Ashok said that due to good physical performance first quarter numbers of CPCL was good. PAT improved to Rs 923.51 crore during the first quarter of the current year as compared to Rs 510.11 crore
CPCL has achieved the highest ever crude oil throughput of 1.782 MMT during the year as compared to 10.624 MMT a year ago. The company achieved the highest-ever production of distillates at 72.1 per cent as against 71.4 per cent in 2013-14 and yields were also good. All these factors have also helped the company and improved the performance.
