OIL spends Rs. 163.74 cr on CSR activities

Guwahati: Oil India Limited (OIL) has spent Rs. 163.74 crores under its Corporate Social Responsibility (CSR) initiatives in the financial year 2020-21.

The thrust areas of CSR initiatives of the company were on areas like healthcare, education, skill development, sustainable livelihoods, women empowerment, Swachh Bharat Abhiyan, Sustainable Environment etc.

An official said that 50 out of 50 students enrolled for NEET (Medical) under OIL Super 30 cleared NEET while 142 students out of 150 enrolled for JEE and Engineering entrance cleared JEE Mains exam and 74 of them cleared JEE Advanced for admission into the prestigious IITs.

Oil’s Skill Development Institute at Guwahati is also providing free of cost placement linked skill training to students.

In 2021-22, a total of 1,111 students were enrolled and 87% of these students secured gainful placement with reputed organisations, while a few of them got placements abroad.

Under the CSR activity, the refiner has installed and commission nine PSA Oxygen Plants, three Oxygen boosters, distributed Oxygen concentrators and oxygen cylinders and contributed towards development of temporary COVID care facilities across the country.

It also contributed ₹ 65.00 crores towards PM CARES Fund.

The company has achieved a total investment of Rs. 4,367 crore during the year which is 106% of the CAPEX target of the company.

The company has successfully completed a total of 5 critical projects during the year, with a total investment of app. ₹ 910.36 crores.

The overseas asset acquisitions of the company is producing properties of Vankorneft andTaas Yuryakh in the prolix oil fields in Eastern Siberia of Russia continue to yield rich dividends.

The wholly owned subsidiary of the company, Oil India International Pte. Ltd. holds 33.5% share, both in Vankor India Pte. Ltd. And Taas India Pte. Ltd, which in turn holds 23.9% and 29.9% in JSC Vankorneft and TYNGD LLC in Russia.

During the year 2021-22, dividend of USD 51.0 million and USD 92.6 million were received at Vankor India and Taas India level respectively corresponding to OIL’s stake in these assets.

The cumulative dividend received from these overseas acquisitions in Russia stands at USD 663 Million recovering close to 64% of investments made by OIL upto 2021-22. Towards rationalisation of its overseas portfolio, your company has divested its stake in the Shale oil fields of USA and is re-evaluating other assets in light of its overall business plan.

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