OIL pays over Rs 518 cr interim dividend to govt

Oil India Ltd said on Thursday it has paid over Rs 518 crore (Rs 5.18 billion) as interim dividend for the current fiscal to the government.

OIL, which had paid a total dividend of 190 per cent in 2011-12, in January declared an interim dividend of 110 per cent for the current fiscal.

"A cheque for Rs 518.65 crore (Rs 5.18 billion) towards interim dividend at the rate of 110 per cent for the financial year 2012-13

was handed over to Oil Minister M Veerappa Moily," the company said in a statement.

The government holds 68.43 per cent stake in OIL, the second larget public sector oil and gas exploration and production company in the country.

OIL this fiscal is producing around 3.72 million tonnes of crude oil and 7.22 million standard cubic meters per day of natural gas from its fields.

It has exploration and production acreages of over 160,000 square kilometers pan-India and overseas.