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ONGC Rajahmundry profit at Rs 350 cr

Our Bureau

Hyderabad , Aug. 22

The Oil and Natural Gas Corporation's (ONGC) Rajahmundry Asset has made a gross revenue of Rs 838.20 crore (provisional) and earned a profit of Rs 350 crore (Profit Before Tax), during the financial year 2005-06.

The Project has contributed Rs 250.24 crore as statutory payments, of which Rs 183.42 crore goes to the State Government. The gross revenue, profit and contribution to the exchequer - both State and Central governments - paid during the year 2005-06, is the highest ever contribution to the State in a single year.

As for operations, during 2005-06, the Rajahmundry Asset has produced 2,16,000 Metric Tonnes of Crude Oil, 1663.25 MMSCM of natural gas and sold 1646.95 MMSCM of natural gas.

In the first four months of the financial year 2006-07, the Project has already produced 76,795 Metric Tonnes of oil, 516 MMSCM of gas and the gas sales is of the order of 510 MMSCM.

The Tatipaka Mini Refinery, started in 2001, has a refining capacity of 66,000 Metric Tonnes and will be upgraded to process 1,30,000 Metric Tonnes per annum, according to a press release from ONGC.

The Asset started in 1977, has completed close to three decades of economic development in Andhra Pradesh. It has contributed close to Rs 200 crore in the form of Royalty and Sales-tax.

More Stories on : Performance | Oil & Natural Gas Corporation Ltd | Andhra Pradesh | Petroleum

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