Oil & Gas Industry Indian Oil Signs Annual MoU with Government of India

Editor: Dominik Stephan

Indian Oil has signed the annual Memorandum of Understanding (MoU) with the Government of India for the year 2012-13. The document was signed today by GC Chaturvedi, Secretary, Ministry of Petroleum and Natural Gas, with R.S. Butola, Chairman, Indian Oil, in the presence of Functional Directors on Indian Oil’s Board.

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Indian Oil renewed its agreements with the Indian government. (Picture: Process India)
Indian Oil renewed its agreements with the Indian government. (Picture: Process India)

New Delhi/India – While assigning 50 per cent weightage to financial parameters, the MoU lays significant emphasis on operational performance and other parameters such as Research & Development, Corporate Governance, HRD, Corporate Social Responsibility and Sustainable Development. High emphasis has been placed on operational safety too.

Highest Ever Targets for Indian Oil

Critical operations in each Division such as crude throughput, projects, distillate yield, safety, quality and new areas of Business Development have been accorded high priority in the MoU. Indian Oil has also committed highest ever targets for crude throughput and distillate yield. Parameters specific to MoU for the year 2012-13 address the ‘Oil Sector Vision 2015’, Paradip Refinery project, capital expenditure and implementation of reservation in appointment of executives.

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