IndianOil's Rs 45k-cr plans stay put despite recession
Kolkata   10-Dec-2008
The recent recession and the volatile crude prices have failed to make any dent on oil marketing major IndianOil Rs 45,000 crore investment plans. "IndianOil is proceeding with its investment plans till 2011-12 without any major deviation. Though the first half of the current fiscal had been tough for the company, it did not impact our capex plans for the next four-five years. Investment plans remain unaltered for all our ongoing projects," Mr. S Behuria, Chairman, IndianOil, told ET on Tuesday. The company reported a loss of Rs 6,632 crore during the first half of current fiscal against a profit of Rs 5,286 crore during the previous corresponding period. There were speculations that IndianOil's heavy investment plans of Rs 45,000 crore may take a hit due to difficult times. “IndianOil's major ongoing projects like refinery cum petrochemical project at Paradeep, naptha cracker and polymer complex at Panipat or capacity augmentation of Haldia Refinery remain immune to the current scenario," said da rifled Mr. Behuria. While talking on IndianOil's plan on how to wipe out al ready incurred losses he said: "It entirely depends on margin. White low-price of petroleum product is good for the country, it impact the accounts of Indianoil neganveiy-We will have to wait for the third quarter to see how we can man age the rest of the year. Now it has become very tough to predict the end result of a quarter invance however, we will go to the government again with all the issues."