The Hindu Business Line : Chennai Petro net up 18%; to pay 120% dividend

PROJECTS IN PIPELINE: Mr K.K. Acharya (right), Managing Director, CPCL, with Mr N.C. Sridharan, Director (Finance), at a press conference in Chennai on Friday. - Bijoy Ghosh

Chennai May 11 Chennai Petroleum Corporation Ltd (CPCL) on Friday announced that it had made a net profit of Rs 565 crore for the year 2006-07, 18 per cent higher than the previous year. The company's board on Friday recommended a dividend of Rs 12 per share (120 per cent).

The higher net profit was largely because last year, unlike in the previous year, CPCL did not have to share the `subsidy burden' with Indian Oil Corporation.

The company's turnover rose to Rs 29,349 crore against Rs 25,409 crore for the previous year — an increase of 16 per cent. Throughput of the refinery rose 3 per cent to 10.40 million tonnes (mt). Increase in turnover largely came about by the higher selling prices of petroleum products.

At a press conference here today, CPCL's Managing Director, Mr K.K. Acharya, said that the company planned to invest Rs 6,000 crore in the 2007-12 period.

The biggest project that would be undertaken in this five-year period would be the over Rs 3,000-crore resid-upgradation project. The project would result in extracting more petrol and diesel (higher value petro products) from refinery residue.

The Rs 134-crore `Refinery III expansion project', to be completed by 2009, will raise the capacity of the refinery by 1 mt.

Other projects

The Rs 231-crore seawater desalination project, scheduled to go on stream in December 2007, will produce 5.8 million gallons of drinking water daily.

The Rs 90-crore, 17.6-MW windfarm project will start producing electricity from August. CPCL has bought 22 windmills from Enercon for the project that is coming up at the Palghat pass.

Answering a question, Mr Acharya said that CPCL had mandated Engineers India Ltd to do a pre-feasibility study for the proposed Rs 35,000-crore, 15 mt refinery-cum-petrochemical complex at Ennore. The report of the consultants is expected next month.

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