Oil PSU's to spend two percent of profits on meeting corporate social responsibilities

New Delhi, Feb 2 (ANI): A meeting of public sector oil companies called by the Minister of Petroleum and Natural Gas, Murli Deora, today arrived at a decision to spend at least two percent of profits on corporate social responsibilities.

The aim of the meeting was to review the contribution of Oil Public Sector Undertakings (PSU) to activities related to Corporate Social Responsibilities (CSR).

Petroleum Secretary R S Pandey also attended the meeting.

The chairmen of several leading oil companies made a comprehensive presentation on CSR activities currently undertaken by them, which included community development activities such as education, health and medical care, providing clean drinking water and cooperating in times of national calamities.

Appreciating the work undertaken by the oil companies, Deora said CSR activities should be more focused to create real impact.

It was decided that the amount allocated would not be less than the sum utilised for the same purpose in the previous year. On this basis it is expected that more than Rs.600 crores will utilised for CSR activities every year. Each petroleum company is expected to form a dedicated team to look after the identification and execution of CSR projects. The budget allocated for the social work would be carried forward to the next year incase the money is not spent appropriately in the present year.

To make the proceedings transparent, a compilation of CSR activities undertaken by Oil Public Sector Units will be released by the Ministry of Petroleum and Natural Gas at the end of every year.

With the adoption of this resolution, it is expected that many more similar projects would be undertaken which will benefit larger section of the society. (ANI)