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| Awards & Accreditations |
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IndianOil receives the MoU Excellence Award 2007-08
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Mr. Sarthak Behuria, Chairman, received on behalf of IndianOil, the MoU Excellence Award 2007-08 from Honourable Prime Minister of India, Dr. Manmohan Singh, on October 15, 2009, at a glittering ceremony at Vigyan Bhawan.
During 2007-08, IndianOil had pressed the pedal on successful bidding for acquisition of E&P assets and crop plantation for Bio-diesel as part of its Memorandum of Understanding (MoU) with the Government of India. This was in line with its corporate objective of harnessing all viable opportunities, both national and international, to establish itself as a major player across the hydrocarbon value chain.
Major achievements during 2007-08
IndianOil emerged as the most preferred Linear Alkyl Benzene (LAB) supplier in the domestic market during the year. IndianOil also laid its footprints in China, Pakistan and The Philippines during the year, taking its presence to twelve countries. For the first time in India, ‘LNG at Doorstep’, a technology innovation project i.e transport of gas in cryogenic road tankers was successfully commissioned to cater to the customers located away from gas pipelines. The company set up a 21 MW wind power project in the state of Gujarat in the year.
Leveraging IndianOil’s intellectual capabilities, its scientists in R&D Center, Faridabad, earned 12 patents, taking the Corporation’s effective portfolio of patents to 200, including 50 international patents. IndianOil’s business plan for entry into the bio-diesel value chain was finalized and 5% ethanol – gasoline blend is now available in 14 states and 3 Union Territories.
MoU is a mutually negotiated agreement between the Management and the Government setting (annual) performance targets against goals of PSE. The number of CPSE for MoU System has been increased from 4 in 1987 to 207 in 2009.It is a win-win tool for the PSEs, Ggovernment & the economy. As for PSEs it provides greater autonomy to them vis-à-vis government control, in respect to government & economy, it provides better accountability that will ensure better performance. The parameters of evaluation are both financial as well as non-financial.
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| Updated on October 15, 2009 |
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