Cochin Refineries Net Up 144% To Rs 220 Crore

Cochin Refin-eries Ltd (CRL) has registered a 144 per cent growth in net profit during 1997-98 over the previous year. Net profit rose to Rs 220 crore (including updation arrears amounting to Rs 146 crore received during the year) in 1997-98 from Rs 90 crore in 1996-97.

CRLs turnover during 1997-98 was Rs 4,400 crore against Rs 3,917 crore in 1996-97.

Crude throughput during the year was at an all-time high of 7.73 million tonnes.

CRL chairman and managing director K L Kumar said that, with a record crude throughput, the company could also set record production of 2,80,126 tonne of LPG (as against the previous best of 2,78,531 tonne), 10,10,698 tonne of kerosene (against the previous best of 9,27, 323 tonne), 55,463 tonne of aviation turbine fuel (previous best of 44,992 tonne), 1, 09, 941 tonne of bitumen (previous best of 96,033 tonne) and 10,362 tonne of special boiling point spirit (previous best of 6,408 tonne).

The capacity utilisation at the refinery was more than 100 per cent. During 1997-98, CRL could achieve self-sufficiency in electricity by increasing its captive power generating capacity by adding 17.8 mw. CRL has also got the central government approval for the diesel hydro desuphurisation (DHDS) project which is aimed at reducing sulphur content in diesel to 0.25 per cent (by wt) from the existing one per cent. The project, expected to be commissioned in December, 1999, is estimated to cost around Rs 852 crore. The refinery, functioning under the Ministry of petroleum and natural gas, has surpassed all targets set in the memorandum of understanding (MoU) with the Central government. This should enable the company to get excellent grading for the seventh time in succession, Kumar said.

CRL proposes to set up a 522 mw power project at Ambalamugal along with the Kerala State Electricity Board and a consortium comprising the Community Energy Alternatives (CEA) and Larsen and Toubro.