Public oil firms to spend Rs.6 bn on social projects

By IANS,

New Delhi : Public sector oil companies will set aside over Rs.6 billion (Rs.600 crore), or at least two percent of their profits, for corporate social responsibility (CSR) projects, it was announced here Monday.

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This was decided at a meeting called by Petroleum Minister Murli Deora of public sector oil companies’ heads. Petroleum Secretary R.S. Pandey also attended the meeting.

“It is expected that more than Rs.6 billion will be made available by Oil PSUs (public sector undertakings) for CSR activities every year,” an official statement said.

The companies will also form a team to identify and monitor CSR projects.