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No response to our offer yet: Nagarjuna Oil

Our Bureau

Hyderabad , Feb. 6

WHEN contacted, the NFCL sources told Business Line, "We did offer a proposal to Chinese Petroleum for 26 per cent equity holding in Nagarjuna Oil Corporation Ltd (NOCL). However, we are yet to receive their response on it."

In a recent letter to employees, the NFCL Chief, Mr K.S. Raju, said, "NOCL's refinery project has made substantial progress and is on the verge of financial closure, both equity and debt. With this, we should be able to restart work at site shortly and it is expected that the refinery will go on stream before end of 2008."

Further, Mr Raju said, "After tying up with reputed oil companies for domestic marketing, we are now in the final stages of tying up our export marketing with a multinational trading company. Engineers India Ltd has helped in upgrading the project to a state-of-the-art configuration. The revised configuration is expected to substantially enhance profitability of the project."

On the improved financial performance of the parent company, NFCL, Mr Raju said, "I am glad to share that at NFCL we have kept the momentum of financial turnaround. We have outperformed the financial targets set by CDR (corporate debt restructuring). Profit before tax during the first six months of the current financial year stood at Rs 43.47 crore against Rs 25.93 crore in the corresponding period of the previous year."

Related Stories:
Nagarjuna Oil hopes for financial closure by Sept
Refinery, mining projects to be revived

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