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IndianOil energises Exchequer with final dividend of 87%

Indian Oil Corporation Ltd (IOCL) Chairman B Ashok handed over a dividend cheque of Rs 1448.52 crore to Minister of State (Independent) for Petroleum and Natural Gas Dharmendra Pradhan in the presence of Petroleum and Natural Gas Secretary Saurabh Chandra, AS&FA (MoP&NG) Dr S C Khuntia. Indian Oil Corporation Ltd Director (Pipelines) V S Okhde, Director (Refineries) Sanjiv Singh, ED (CO) A K Sharma and ED (Coordination) P K Singh too were present at the handing-over ceremony.

The Indian Oil Corporation Ltd Board has recommended an 87 per cent final dividend (Rs 2,112.32 crore excluding dividend tax) for financial year 2013-14, the 47th consecutive year of dividend payment by our national downstream oil company. The cumulative dividend paid by Indian Oil Corporation Ltd till 2012-13 is Rs 23,601 crore.  Indian Oil Corporation Ltd is the country’s flagship energy major, with businesses which straddle across the entire hydrocarbon value chain. With a corporate vision to be the ‘Energy of India’, Indian Oil Corporation Ltd closed the financial year 2013-14 with aggregate revenue from operations of Rs 4,73,210 crore and a net profit of Rs 7,019 crore.

Meanwhile, the Uttar Pradesh government and Indian Oil Corporation Ltd on Wednesday signed a memorandum of understanding (MoU) to expedite city gas projects and promote distribution of natural gas in the state. As a part of the memorandum of understanding, it has been decided that a joint team would be constituted which would take necessary steps for speedy implementation of city gas project in Allahabad and other cities.

In addition to this, an action plan for suitable schemes to promote natural gas in the state would also be prepared. Uttar Pradesh Principal Secretary (industrial Development) Sanjiv Saran said that under the memorandum of understanding, a plan would be chalked out to promote distribution of natural gas and infrastructure jointly by the Uttar Pradesh government and Indian Oil Corporation Ltd.

He said that under the plan, new pipelines of city gas project and compressed natural gas (CNG) stations would be set up.
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