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PSU oil cos decide to pay interim dividend

Our Bureau

New Delhi , Nov. 13

THE boards of the public sector oil companies in consultation with the Petroleum Ministry will decide the quantum of interim dividend payout to the exchequer.

In a meeting held today between the Finance Ministry and the Petroleum Ministry, it was decided that the public sector oil companies would pay out an interim dividend to help bridge the fiscal deficit, according to Petroleum Secretary, Mr B.K. Chaturvedi.

The quantum of dividend payout will be determined by the profitability of the oil companies over the last six months and the expected profitability over the next six months, Mr Chaturvedi told Business Line.

Last fiscal, the oil companies paid an interim dividend of around Rs 2,700 crore. This, when the combined profitability of the public sector oil companies for the first six months was Rs 9,581 crore.

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