OREANDA-NEWS. Memorandum of Understanding (MoU) between HPCL and Ministry of Petroleum & Natural Gas (MOP&NG) for the year 2013-14 was signed by Chairman & Managing Director, Shri S. Roy Choudhury of HPCL and Secretary, MOP&NG, Shri Vivek Rae recently.

MoU was signed in the presence of Addl. Secretary & Financial Advisor, Shri Subhash Khuntia, Joint Secretary-Refineries, Shri L.N. Gupta, Advisor(IFD), Shri V.L.V.S.S. Subba Rao, and our Director-Finance, Shri B. Mukherjee, Director-Refineries, Shri K. Murali, Director-Marketing, Smt. Nishi Vasudeva, ED-IT&S, Shri B. K. Namdeo, ED-CS&P, Shri H. Kumar, ED-DCO, Shri Ajit Singh, GM-Finance,CS&P, Ms. Geeta Jerajani and Delhi Co-ordination team.

Memorandum of Understanding (MoU) is a negotiated agreement between HPCL and Government of India. MoU targets comprise both Financial & Physical parameters covering entire gamut of operations of the Corporation. MoU targets are set as per DPE guidelines in consultation with MOP&NG and approved by DPE. Performance of the Corporation for the year vis-a-vis MOU targets is evaluated by DPE and rating given. Performance related Pay is directly linked with MoU rating of the Corporation.

HPCL has been achieving "Excellent" rating since inception of MoU system in 1992. For the year 2011-12 also, we have achieved "Excellent" rating with a score of 1.037, which is the best amongst all the PSUs under MOP&NG. This achievement is an outcome of efforts put in by dedicated employees of the Corporation.