BPCL FY09 net profit seen near FY08 levels; oil pdts output up 10%
Friday, Sep 26
MUMBAI - Public sector oil refining and marketing major Bharat
Petroleum
Corp Ltd is likely to maintain its net profit in 2008-09 (Apr-Mar) at
2007-08
levels even as its overall output increases by 10% during the period,
S. Mohan,
director, human resources, told NewsWire18 today.
"Our diesel output in FY09 will increase by 30% (over FY08) while
overall
output is likely to go up by around 10%," Mohan said on the sidelines
of a press
conference by All India Management Association to announce its 35th
National
Management Convention.
He said that despite a rise in output, BPCL's net profit will be
at last
year's level due to high crude oil prices and a weak rupee against the
dollar.
At present, BPCL's average refining margin stands at $4.0-$4.5 per
barrel, he said.
"Last year when crude price was much lower, refining margin at our
Cochin
refinery was around $7 per barrel," Mohan said.
The company has sought a hike in its working capital limit to 300
bln rupees
from current 250 bln rupees from banks, he said.
BPCL's Bina refinery is likely to go on stream by the end of 2009.
"We have tied up nearly 80% of the funding required for the
refinery and it
is moving ahead as per schedule."
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