Published On:August 21 2014
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CPCL takes up Rs. 3,110-cr resid upgradation project.

The implementation of the Rs. 3,110-crore Resid Upgradation project of Chennai Petroleum Corporation Ltd. (CPCL) is on track for completion by next year.

'The civil works are in progress and delivery of materials at project site will commence shortly. We will be in a position to complete the project by December 2015,' said B Ashok, Chairman of Indian Oil Corporation Ltd., at the CPCL's 48th Annual General Meeting here. CPCL is a group company of IndianOil.

The company embarked on setting up this project using the vacuum residue as the feedstock available in the company.

It is also implementing a mounded bullet storage facility for LPG and petrochemical products at an estimated cost of Rs. 279 crore. This project, 'is expected to be mechanically completed by end of 2014'.

CPCL has also received CRZ clearance for the proposed 42-inch new crude oil pipeline, as a replacement for the existing old crude oil pipeline. The Rs. 257-crore project will be completed in the next 18 months, he said.

During the first quarter of the current financial year, CPCL achieved a crude throughput of 2.819 million tonnes against the target of 2.479 mt considering deferment of planned shutdown and despite reduced crude availability at Cauvery Basin Refinery.

The distillates yield stood at 71.4 per cent and fuel and loss was contained at 8.4 per cent, he added.

The profit after tax for the quarter had improved to Rs. 510.11 crore on account of recognition of deferred tax asset on the carry forward business losses and unabsorbed depreciation to the extent of deferred tax liability.

The company has also initiated measures in the areas of energy conservation and consequent reduction in fuel and loss, value-added products and optimisation of crude mix. 'With all these initiatives, and support from IndianOil, CPCL's bottomline will improve,' said Ashok.

HBL


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