IndianOil, the nation's largest oil firm, on Friday reported a 246% jump in net profit for 2009-10 fiscal and said it is considering reviving projects it had put on backburner due to cash crunch earlier.
Net profit stood at Rs 10,220.5 crore in 2009-10 fiscal against Rs 2,949.5 crore in the previous year, IOC chairman B M Bansal said.
"We are in a better position now and so we are re-examining projects in hand and prioritising them," he said. Facing cash crunch because of losses on being forced to sell fuel at price lower than imported cost, IOC had split the refinery-cum-petrochemical project at Paradip in Orissa. It decided to implement only the 15 million tonnes refinery at a cost of Rs 29,777 crore and deferred the petrochemical project.
"We had kept the petrochemical project on the hold. Now with better prices, we have to take a decision when we have to start the project again," Bansal said. The petrochemical project will cost Rs 22,300 crore.