HPCL net to touch Rs 1,050 cr

MUMBAI, APR 7: State-run refiner Hindustan Petroleum Corporation Ltd (HPCL) said on Friday its net profit for 1999/2000 (April-March) was ...

MUMBAI, APR 7: State-run refiner Hindustan Petroleum Corporation Ltd (HPCL) said on Friday its net profit for 1999/2000 (April-March) was estimated at Rs 1,050 crore as compared to Rs 901 crore in the previous year.

The company also announced that it would soon commence retail marketing of petroleum and allied products in the neighbouring island of Mauritius. “We are planning to enter into the retail market in Mauritius as there are many opportunities in the sector,” HPCL Chairman and Managing Director H L Zutshi said.

Currently, the company is studying various aspects for commercial exploitation in the island country like sourcing its products and franchisee development, he said.

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HPCL would start with sale of lubricants followed by rest of the products, he said adding that they were less interested in supply of aviation turbine fuel as it involves setting up of huge infrastructure facilities.

The oil major already has launched its products in Nepal, Sri Lanka, Bangladesh and Malaysia. The company has also for the first time exported two parcels of 40,000 tonnes of Naphtha to Singapore and United Kingdom at a total cost of Rs. 25 crore, Arun Balakrishnan, Chief general manager (direct sales) said. At a later stage, HPCL would also export Vaccuum Gas Oil(VGO), Zutshi said.

Meanwhile, HPCL has geared up itself with government’s decision to allow Liquified Natural Gas (LNG) as vehicular fuel. “This is an effort towards a cleaner environment. We havealready indentified 34 petrol pumps country wide for the purpose and hope to retain our market share in this segment as well,” Zutshi said.