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OIL investing Rs.1,200 cr to revamp pipeline


State-owned Oil India Ltd (OIL) on Saturday said it is investing Rs.1,200 crore to revamp the pumping stations of its trunk pipeline.

"Currently, revamping of the pumping stations of the trunk pipeline, which have been operating for over five decades, is in progress at a cost of Rs.1,200 crore," a company statement said here.

OIL operates a total network of 1,220 km long crude oil pipelines, with a capacity to carry 5.38 MMTPA crude.

These pipelines transport crude oil produced from oilfields in Upper Assam to the public sector refineries at Numaligarh, Guwahati and Bongaigaon in the state.

OIL Chairman and Managing Director Utpal Bora said at the Annual General Body Meeting that the company achieved highest ever production and sale of natural gas in its history during 2015-16 fiscal.

"While natural gas production was 2,838 MMSCM as against 2,722 MMSCM during 2014-15, natural gas sales was 2,314 MMSCM as against 2,181 MMSCM during 2014-15," he added.

Bora informed the shareholders that crude oil production was 3.247 MMT as compared to 3.440 MMT during 2014-15.

The turnover of the company stood at Rs 9,764.87 crore as against Rs 9,748.23 crore, while the Profit after Tax (PAT) was Rs.2,330.11 crore against Rs 2,510.20 crore during 2014- 15, he added.

Bora said the contribution to the state exchequer during the year was Rs.1,861 crore and that to the Central government was Rs.3,245 crore.