Oil PSUs to invest Rs 1,100 cr to modernise fuel outlets
State-run oil marketing firms will invest close to Rs 1,100 crore during this fiscal to modernise their fuel retail outlets.business Updated: May 17, 2007 14:09 IST
State-run oil marketing firms IOC, BPCL and HPCL will invest close to Rs 1,100 crore during this fiscal to modernise their fuel retail outlets, a near 50 per cent jump from last financial year.
Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd make investments on modernisation of their retail outlets to improve appearance and provide facilities to customers for effectively facing competition from private firms and enhance customer loyalty, Petroleum Minister Murli Deora said in reply to a question in Lok Sabha.
Deora said IOC, including IBP, would be spending Rs 763 crore, BPCL Rs 221 crore and HPCL Rs 105 crore to upgrade fuel outlets during 2007-08, aggregating to Rs 1089 crore.
This is an increase of 48.77 per cent compared to Rs 732 crore by the three firms in 2006-07. Of this, IOC invested Rs 351 crore, BPCL Rs 214 crore and HPCL Rs 167 crore.
The oil marketing firms spent Rs 755 crore in 2005-06 and Rs 711 crore in the previous year for this purpose.
In reply to another question, Deora said the government has not received any formal communication from Iran on whether it was looking to sell liquefied natural gas to a private Indian company despite an agreement at the government level for supply of the fuel.
New Delhi and Tehran had agreed on a deal in 2005 for annual supply of five million tonne of LNG from Iran to India.