The Telegraph
Since 1st March, 1999
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Mixed year for OIL

Guwahati, Sept. 21 (PTI): Oil India Ltd (OIL) has registered the highest ever total income of Rs 2192.96 crore with a profit after tax of Rs 525.22 crore and declared a dividend of 75 per cent on its paid up capital during the last fiscal.

Addressing its 43rd annual general meeting in the upper Assam oil township of Duliajan, Oilís chairman cum managing director Ranjit Kumar Dutta said the last financial year was a mixed year with success outweighing failures.

Although OIL could not achieve the target for crude oil and gas production as well as the target for drilling and survey but the companyís exploration efforts led to discovery of new structures which will give valuable lead for future exploration and development, he said.

The CMD further pointed out that there were imminent challenges before OIL which is now venturing into logistically difficult and geologically more complex frontiers in the north-east.

Dutta said the Centre was inclined towards restructuring of refineries in the north-east and OIL has already expressed its intention to enhance its equity participation in Numaligarh refinery.

In the present day largely deregulated oil industry, OIL has plans to sign crude oil supply agreements with various refineries with price linked to crude oil quality, he said.

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