The customer focus of the ‘Oil Sector Vision 2015’ document of Ministry of Petroleum & Natural Gas, underlines the IndianOil’s MoU document of 2010-11 signed today between Mr. S. Sundareshan, Secretary, Ministry of Petroleum and Natural Gas, on behalf of the Government of India, and Mr. B. M. Bansal, Chairman, on behalf of IndianOil. The MoU focuses on customer satisfaction, higher degree of automation of depots/terminals, commitment to release LPG to under-served areas, scaling of rural presence through enhanced retailing network under KSK format among others.
Perceiving sustainable growth as an opportunity to enhance its business processes and practices, enabling it to positively impact its entire scope of business, Sustainable Development as a parameter has been accommodated for the first time this year with a weightage of 5%. Propelling sustainable business practices like energy conservation, effluent treatment, and augmentation of commercial energy crop plantation is included in the corporation’s commitment to the corporate sustainability matrix.
Further to maintain corporation’s status, equity and standing, both in the market and in the society in the coming decades, this year, the MoU promises to extend facilities of clean drinking water, health & medical care in rural areas in addition to spending a significant amount in developing community kitchen and providing educational scholarships with a weightage that is increased to 5 % from 2% in the earlier year.
High priority has been placed on major projects worth Rs. 7563 crore, comprising grassroot refinery project at Paradip with specific milestones, besides completion of residue upgradation project at Gujarat, DHDT at Bongaigaon Refinery, Panipat Refinery, additional Expansion Project and MS quality upgradation project at four refineries. The major projects under Pipelines Division comprise Chennai-Bangalore Product Pipelines, Paradip-New Sambalpur-Raipur-Ranchi Pipelines among others.
The new parameters significantly includes this year the Customer indices of the Oil Sector Vision-2015 of MoP & NG (introduction of SMS/IVRS, toll-free numbers, allied facilities on retail outlets on highways, Smart Cards, etc) in addition to IndianOil’s foray into nuclear power & petrochemicals.
The MoU also gives due weightage to the performance of IndianOil's refining subsidiary, Chennai Petroleum Corporation Ltd.
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