IndianOil has signed the annual memorandum of understanding (MoU) with the Government for 2012-13 which lays significant emphasis on operational performance and other parameters such as Research & Development, Corporate Governance, HRD, Corporate Social Responsibility and Sustainable Development. Emphasis has also been placed on operational safety too.
The MoU was signed by Mr. GC Chaturvedi, Secretary, Ministry of Petroleum and Natural Gas, and Mr. R.S. Butola, Chairman, IndianOil.
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.
IndianOil has also set the highest-ever targets for crude throughput and distillate yield.
Parameters specific to the MoU for 2012-13 address the ‘Oil Sector Vision 2015’, Paradip Refinery project, capital expenditure and implementation of reservation in appointment of executives.