Page 42 - Plastics News February 2021

Business news

PM dedicates to nation BPCL ONGC posts net profit of Rs

petrochem complex in Kochi 1,378 crore in Q3

rime Minister Narendra Modi dedicated to the nation tate-owned Oil and Natural Gas Corporation (ONGC)
PRs 6,000 crore petrochemical complex of state-owned Sannounced its third-quarter results.In a regulatory
Bharat Petroleum Corporation Ltd (BPCL) in Kochi and Ro- filing it said,that the net profit fell 52.1 % (QoQ) to
Ro vessels of Inland Waterways at Willingdon Islands. The Rs1378.23 crore. The revenues rose 0.6% to RS 17, 023.8
crore in third quarter. Standalone net profit in October-
December quarter at Rs 1,378 crore was 67.4% lower
than Rs 4,226 crore net profit in the same quarter of the
previous year, the company said in a statement. The
board has also approved interim dividend of 35%, i.e.Rs
1.75 on each equity share of Rs 5. The total payout on
this account will be Rs 2,201.55 Crore. The Record
date for distribution of dividend has been fixed for 20
February, 2021 which has been intimated to the stock
exchanges. "The total payout on this account will be
Rs 2,201.55 crore," the statement said. The company
realised $43.9 on every barrel of crude oil it produced
and sold in the third quarter of the current fiscal, down
from $58.24 a barrel it had realised in the same period
new complex will save foreign exchange, benefit a wide a year back.Government-mandated gas price dropped
range of industries and generate employment, Modi, who to USD 1.79 per million British thermal unit from USD
was on a brief visit to Kerala, said. The complex will lead 3.23 per mmBtu rate it got in October-December 2019.
the government's mission to be 'Aatma Nirbhar', he was Turnover was down 28% at Rs 17,024 crore. "The total
quoted as saying by media reports. The prime minister payout on this account will be Rs 2,201.55 crore," the
also inaugurated the Cochin Port Trust's International statement said. The company realised $43.9 on every
Cruise Terminal and Cochin Shipyard's Vigyana Sagar, a
campus for Marine Engineering Training Institute, and barrel of crude oil it produced and sold in the third
laid the foundation stone of Cochin Port Trust's South Coal
Berth. BPCL said the Propylene Derivative Petrochemical
Project (PDPP) located close to its Kochi Refinery will
produce acrylic acid, oxo-alcohol and acrylates, which
are predominantly imported now. These products have
applications in paints and coatings, solvents, adhesives,
water treatment chemicals, construction industry and
super absorbent polymer among others. The project,
which will produce 160,000 t/yr of acrylic acid and
212,000 t/yr of oxy alcohols and acrylates, was scheduled
to start in October 2019 but was delayed. The two new
Roll-on/Roll-off vessels, deployed between Bolgatty and
Willingdon Island on National Waterway-3, will have the
capacity to carry six 20-feet trucks, three 20-feet trailer quarter of the current fiscal, down from $58.24 a
trucks, three 40-feet trailer trucks and 30 passengers each. barrel it had realised in the same period a year back.
The service, operated by Inland Waterways Authority, will Government-mandated gas price dropped to USD 1.79
benefit trade as a result of reduced transportation cost per million British thermal unit from USD 3.23 per
and transit time, and will also lead to reduced congestion mmBtu rate it got in October-December 2019. Turnover
on the roads of Kochi. was down 28% at Rs 17,024 crore.

Plastics News Februar y 2021 42