PSU oil firms saved over Rs 1,163 cr during Apr-Sept

On Prime Minister Manmohan Singh's call for austerity measures, public sector oil companies have saved over Rs 1,163 crore in the first six months of the current fiscal on travel and conference expenditures.

Oil and Natural Gas Corporation (ONGC) curtailed Rs 324.14 crore on domestic and foreign travel expenses, Minister of State for Petroleum and Natural Gas Dinsha Patel told Lok Sabha today.

GAIL India made the least amount of saving at Rs 0.85 crore in April-September 2008.

Indian Oil Corporation (IOC) saved Rs 514.30 crore on travel expenditure while Hindustan Petroleum Corporation curtailed spending by Rs 183 crore. Bharat Petroleum Corporation saved Rs 109 crore and Oil India saved Rs 32.04 crore.

"All oil PSUs have been advised to make 10 per cent cut in their non-plan expenditure under the heads of domestic and foreign travel expenses. Further, they have been advised to observe utmost economy while organising conferences, seminars and workshops," Patel said.

These guidelines resulted in saving of Rs 1,163.33 crore in April-September period, he added.

Separately, Patel said as part of its globalisation initiative, GAIL was looking for opportunities for setting up of petrochemical complex in gas-rich countries such as in the Middle East and Africa, Russia and CIS nations.

"GAIL is at preliminary stage of discussions with various petrochemical companies (in these countries)," he added.

Patel said Uranium Corp of India and ONGC in November signed an MoU for exploration and exploitation of uranium in India and abroad.