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  • The 26th annual general meeting of the Numaligarh Refinery Limited : Records highest ever revenue of Rs 18,511 crore

    Published on August 17, 2019

     

    By Bhupen Goswami

    Guwahati : The Numaligarh Refinery Limited (NRL) has recorded the highest ever revenue from operations of Rs 18,511 crore during the year 2018-19, registering a growth of 16.25 per cent over the previous year. However, the profit after tax for the financial year was marginally lower at Rs 1,968 crore as compared to last year. This was revealed at the 26th annual general meeting of the NRL, which was held at its corporate office in Guwahati on Friday. The meeting was presided over by D Rajkumar, Chairman and Managing Director – Bharat Petroleum Corporation Limited and Chairman, NRL and was attended by Managing Director SK Barua, other members of the NRL Board and shareholders of the company. The company has declared a total dividend of Rs 17 per share for the year 2018-19. The earnings per share (EPS) for the year stood at Rs 27.79, while the net worth of the company at the close of the financial year 2018-19 reached Rs 5,551 crore, signifying strong economic fundamentals.

    The NRL’s contribution to the Central and State exchequers in the form of taxes, duties and dividends during the year 2018-19 has been Rs 4,159 crore. On the physical front, for the first time since commissioning, the refinery could process 2,900 TMT of crude oil during 2018-19 achieving a capacity utilization of 96.7 per cent. Distillate yield recorded by the refinery at 87.1 per cent, specific energy consumption at 66.62 MBN and Energy Intensity Index at 87.9 showed an improvement over previous year and continued to be amongst the best in the industry. The NRL recorded highest ever sales volume of 2,978 TMT during the year 2018-19 surpassing the previous high of 2,912 TMT in 2017-18. High speed diesel sales reached an all-time high of 1,949 TMT, while paraffin wax sales was 36 TMT, including export of 8 TMT. By the year-end, 35 countries were included in the list of NRL’s wax export market. 80 TMT gas oil (diesel) was exported to Bangladesh from it’s terminal at Siliguri. Commenting on the results recorded during the financial year 2018-19, Chairman D Rajkumar said NRL is the rising star of the Northeast. “I see a great future for the company as one of the front-ranking global energy companies,” he said. In recognition to its outstanding performance in different spheres of activities, NRL was conferred several awards and accolades during the year.

    They include the ‘Fastest Growing Miniratna of the Year 2018’ recognition by Dalal Street Investment Journal; ‘Governance Now PSU Award’ for Best Miniratna PSU in Strategic Performance; ‘Refinery Performance Improvement Award’ by the Ministry of Petroleum and Natural Gas and ‘Dun & Bradstreet PSU Award’ for best overall Miniratna. The year 2018-19 will go down in the history of the company as a landmark year when the Union government gave its formal approval in January 2019 for enhancing the NRL’s capacity from existing 3 MMTPA to 9 MMTPA at a project cost exceeding Rs 22,000 crore. This would be the highest ever investment in the Northeast India so far, a harbinger for immense economic growth and progress for the region; apart from easing out constraints that the refinery has been facing due to its sub-economic size. The project also includes simultaneous laying of over 2,000 km of pipeline for transporting imported crude oil from Paradeep port in Odisha to Numaligarh and then to facilitate evacuation of products from Numaligarh to Siliguri in West Bengal, making NRL an active player in the midstream section. Commenting on the developments, MD NRL, SK Barua said, “We realise the challenges ahead as we embark on implementing the mega project.

    However, we are confident that with the unstinted support of all our stakeholders, including the Central and State governments, our business partners and well-wishers, we will be able to successfully complete the project.” The year 2018-19 also marked the beginning of a few strategically important projects for NRL. The ground breaking ceremony for the 130-km Indo-Bangla Friendship Pipeline, for transporting products from Siliguri Marketing Terminal to Bangladesh, was held in September 2018 in the presence of Prime Ministers of India and Bangladesh through video conferencing. Assiduous efforts to establish the first bamboo biomass-based 2G Bio Refinery Plant in the country was brought to realisation with the formation of the joint venture company – ‘Assam Bio-Refinery Pvt Ltd’ – in June 2018. The NRL also took its first steps in the upstream business of exploration and production under Open Acreage Licensing Policy/Discovered Small Field rounds. After due diligence, the company is now in the process of acquiring 20 per cent participatory interest in Namrup Block from M/s Oil India Limited for which farm out agreement has already been signed. The NRL also adopted several novel projects during the year. Important among them is the adoption of the relatively backward Darrang district in Assam as an ‘Aspirational District’ and taking up projects for its holistic development, development of neighbouring village of Lakhipur as model village, handing over of waste handling equipment to municipalities and town committees across Assam taking forward the Swachha Bharat Mission.

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