IndianOil signs annual MoU
IndianOil has signed the annual Memorandum of Understanding with the Government of India for the year 2012-13. The MoU document was signed by GC Chaturvedi, Secretary, Ministry of Petroleum and Natural Gas, with RS Butola, Chairman, IndianOil, in the presence of Functional Directors on IndianOil’s Board.
While assigning 50% 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. 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 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.