Oil PSUs agree to spend two per cent of profits on Social Responsibilities.

Public Sector Oil Compaies today agree to spend atleast two per cent of profits on corporate social responsibilities. The resolve to have more focused approach on social responsibilities came at a meeting called by Shri Murli Deora, Minister of Petroleum & Natural Gas to review the contribution of Oil PSUs to activities pertaining to Corporate Social Responsibilities (CSR). The high power meeting was attended by Shri RS Pandey, Petroleum Secretary and CMDs of Oil Companies. 
 
The Chairmen of Oil Companies made a comprehensive presentation on the CSR activities currently undertaken by them which include community development activities such as Education, Health and Medical Care, providing clean drinking water besides rising to the occasion in times of National Calamities. 
 
While appreciating the work undertaken by Oil Companies, Mr Deora said that the CSR activities should be more focused and projects should be undertaken in a manner which can create real impact. The meeting was concluded with the passage of following resolution 
 
A) Oil Companies will be spending at least 2% of the net profit of the previous year on CSR activities. However, the allocation will not be less than the allocation on CSR activities for previous year. On this basis it is expected that more than Rs.600 crores will be made available by Oil PSUs for CSR activities every year. 
 
B) If the budget allocated for CSR projects in any year, is not spent on identified projects, the unspent amount will be carried forward to the next year. 
 
C) Each Company will form a dedicated team to look after the identification and execution of CSR projects. 
 
D) At the end of every year, a compilation of CSR activities undertaken by Oil PSUs will be released by the Ministry of Petroleum & Natural Gas. 
 
With the adoption of this resolution, it is expected that funds made available by Oil PSUs for CSR activities will take a quantum leap and many more projects would be undertaken which will benefit larger section of the society. The Oil PSUs will also fulfill their social commitment in a more comprehensive way.