CPCL reports 99% increase in profit after tax

Company's board has declared an interim dividend of 50 per cent and recommended a final dividend of 120 per cent aggregating to 170 per cent on the paid up equity share capital of the company.

Turnover increased by 12 per cent to Rs 32,889 crore in 2007-08 from Rs 29,349 crore in 2006-07. Gross refining margin was $ 8.47 per barrel in 2007-08, net of under recoveries, as against $ 5 in 2006-07.

CPCL total export stood at Rs 1,621 crore in 2007-08, for the first time LOBS (lube oil base stocks) exported to Sri Lanka for commissioning the lube blending plant plant of Lanka IOC. Diesel export has been stopped in view of high domestic demand.

Crude throughput of 10.26 metric tonnes was achieved during the year. Company's manali refinery achived a record throughput of 9,802 thousand metric tonnes (TMT) compared to 9,783 TMT in 2006-07. However crude throughput Cauvery Basin Refinery (CBR) was lower due to restricted availability of crude from Narimanam oil field of ONGC and PY-3 field operated by Hardy Oil and Gas, said K K Acharya, managing director, CPCL.

He added, although crude processing was low, CBR processed natural gas of 77.5 TMT for LPG recovery (106 per cent capacity utilisation), compared to 72.2 TMT in 2006-07. Acharya said CPCL signed an agreement with GAIL for getting additional 17,000 SCMD of natural gas, which is higher than LPG content.

In 2007-08, CPCL processed four new crudes from UAE, Libya, Angola and Saudi Arabia. In the last three years CPCL has processed 10 new crudes, in 2008-09 three more new crudes will be processed from Saudi Arabia, Congo and from Libya, he added.