(EnergyAsia, May 30, Friday) — IndianOil Corp (IOC) said a refining subsidiary, CPCL, has reported an “impressive” financial performance for the financial year ending March 31 2008.

CPCL said its FY2007 net after-tax profit rose by nearly 99% to Rs.11.23 billion compared with Rs5.65 billion the previous year. (US$1=Rs42).

Revenue rose by more than 12% to a record Rs328.89 billion, said IOC chairman S. Sarthak Behuria.

CPCL achieved gross refining margins of US$8.47 per barrel for the year compared with US$5 per barrel the previous year.

The company’s board has declared an interim dividend of 50% and recommended a final dividend of 120% aggregating to 170% on the paid up equity share capital of the company.

CPCL said it processed 10.26 million metric tonnes of crude for the year. Its Manali refinery achieved a record crude throughput of 9.802 million metric tonnes, exceeding the previous best of 9.783 million achieved in FY2006.

The 3-million tonne per year refinery is being expanded and upgraded to 4-million tonne by mid-2009 at an estimated cost of Rs134.34 billion.

Throughput at its Cauvery Basin refinery was lower due to declining crude production at the domestic Narimanam oil field.