New Delhi: State refiner Indian Oil Corp today signed an MoU with the government, setting out targets for 2008-09 that focuses on cleaner and sustainable energy resources.

The MoU was signed by Petroleum Secretary M S Srinivasan and IOC Chairman Sarthak Behuria, a company release said here.

Among major initiatives that would facilitate the drive toward green and renewable fuels include residue upgrade project at Gujarat refinery, petrol quality upgrade projects at Panipat and Mathura refineries, commencement of plantation of bio-crops (in Chhattisgarh), and study of the effect of 10 per cent ethanol blend in petrol, it said.

Financial performance (including gross sales, gross margin, net profit/net worth and gross profit/capital employed) and throughput of refineries as well as product pipelines continue to be key parameters, with large capital investment planned for project implementation.

During the year, IOC will commission a world-class Naphtha Cracker Project with downstream polymer units at Panipat to establish itself as a leading petrochemicals player in Southeast Asia.

Assessment of customer satisfaction has been targeted to maintain the corporation's market leadership. Major RD initiatives to be monitored under the MoU include the setting up of a nano technology laboratory and a hydrogen and hydrogen-CNG dispensing station at an IOC filling station in New Delhi.

In human resource development, IOC will focus on new parameters such as improvement in leadership building and recognition systems.

The MoU also gives due weightage to the performance of IOC s refining subsidiaries, Chennai Petroleum Corporation Ltd and Bongaigaon Refinery Petrochemicals Ltd.
Source : PTI