Companies

CPCL gains in Q4 on higher gross refining margin

Our Bureau Chennai | Updated on January 20, 2018 Published on May 23, 2016

Marching ahead: IOC Chairman B Ashok and CPCL Managing DirectorGautam Roy at a press conference in Chennai on Monday - Photo: BIJOY GHOSH

Chennai Petroleum Corporation Ltd has reported a net profit of ₹265.59 crore on a total income of ₹5,869.65 crore on a standalone basis for the fourth quarter ended March 31, 2016.

During the corresponding period in the previous year the company reported a net profit of ₹364.57 crore on a total income of ₹8,823.95 crore.

For the financial year 2015-16, the standalone oil refinery, a group company of Indian Oil, reported a net profit of ₹790.30 crore (net loss: ₹33.26 crore) on total income of ₹26,283.96 crore (₹42,128.07 crore).

B Ashok, Chairman, Indian Oil, told media persons here on Monday that high average gross refining margins of about $5.27 a barrel during 2015-16 as compared with $1.97 a barrel in the previous year had contributed to the performance.

CPCL said it is well set to meet the Centre’s 2020 deadline to implement BS-VI emission norms for fuels. It is revamping its DHDT (desulfurisation and dehydro treating) unit and setting up a GCC gasoline treatment unit. These will be in place by September 2019.

Gautam Roy, Managing Director, said the total capital expenditure in the pipeline is about ₹4,700 crore including a resid upgradation project to produce value added products which will be mechanically completed by this year-end, and a 42-inch crude oil pipeline from Chennai port to its refinery in Manali to the north of Chennai, which will be ready by March 2017.

Published on May 23, 2016
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