PREFACE

In the oil and gas industry an effective logistics is the key driver of profit. Here
„marketing of the products‟ can also be termed as „effective distribution pattern
of the products‟. Each OMC (Oil marketing Company) always tries to reduce
their transportation cost by searching for optimized distribution channels. The
project is about finding out economic the economic feasibility of a Tap Off
Point (TOP) at Hajo (a place 28 kms away from Guwahati). It throws light on
the issues like transportation cost saving by setting up the TOP, market size of
MS (Motor Spirit) & HSD (High Speed Diesel) in Lower Assam and
Meghalaya and also demand forecasting of MS & HSD for the nearby market
area. The project will be able to provide good scope to anyone who is interested
in work related to HajoTOP.
 ACKNOWLEDGEMENTS

At the outset I take this opportunity to express my gratitude towards Numaligarh Refinery Limited, Golaghat for giving me
this opportunity to undergo summer internship at NRL. I would also like to thank Mr. Nagen Kalita (Sr.Manager-T&D, NRL) for
facilitating the internship at NRL and for his guidance in selecting marketing as the area of internship program.

I would like to express my heartfelt thanks to Mr. Anup Kr. Baruah (Sr. Manager, NRMT-Ops)for allowing & guiding me to
carry out the project at NRMT. I would also like to thank Mr. Pranta Pratim Singha (Assistant Manager-NRMT-Ops) for
coordinating from the initial to the final stages of the internship and for his much needed guidance without which
accomplishing the project would have not been possible.

I will remain indebted to Mr. Eebon Dutta (AM-S&E), Mr. Amitabh Hazarika (AM-S&E) and Mr. Moa Sonowal (Officer-MO)
whose valuable data and input have been an integral part of this project.

Here I would like to acknowledge the valuable information provided by following officers of NRL and for their time and effort
without which this project would have not been possible:

Mr. Pranjal Pathak (Dy Manager-ME&P)

Mr. Raj Kishor Mahanta (Officer-Logistics)
Mr. S.S.Bordoloi (Dy Manager-S&E)
Mr. Manob Bora (Assistant Manager- NRMT-Ops)
Mr. Joydeep Bormon. (Officer-Logistics)
Mr. Pranjal Dutta (Dy Manager-MO)
Mr. Paras Pratim sarmah (Officer-S&E)
Mr. Pranjal Sarmah (Officer-S&E)
Mr. Bedanga Kr. Kashyap (Officer-MO)

Last but not the least I extend my thanks to all the employees of NRMT whose direct or indirect involvement has made this
project an enriching experience.

(Majedul Monzil Hussain , Ranjan Kachari , Deep jyoti Sarmah)

 DECLARATION

I, Majedul Monzil Hussain do hereby declare that this project report is

exclusively prepared and conceptualized by me. I also hereby declare that this
Project Report submitted by me is in partial fulfillment of the “Post Graduate
Diploma in Business Management” of the Assam Institute of Management,
Guwahati & and is not submitted to any other institution or published
elsewhere earlier.

DATE:

PLACE: (Majedul Monzil Hussain)

PROJECT TITLE: A Feasibility Analysis of Hajo Tap Off Point (TOP)

ORGANISATION: Numaligarh Refinary Limited, Numaligarh, Golaghat, Assam

DURATION: 2 Months

ORGANISATIONAL GUIDE : Mr. Anup kr. Baruah , Senior Manager (NRMT-

Operation), NRL,Golaghat.

ORGANISATIONAL CO-GUIDE: Mr. Pranta Pratim Singha , Assistant

Manager (NRMT-Ops), NRL,Golaghat

INSTITUTIONAL GUIDE: Mr. Zamal Hussain, Associated Faculty, Assam

Institute of Management, Guwahati
A BRIEF INTRODUCTION OF THE PROJECT:

India is the sixth largest consumer of oil. There is a huge demand-supply gap in oil
and gas in India. The country imports more than 70% of its crude oil requirement.
In2005, oil and gas accounted for 38% of primary energy consumption in India,
followed by coal at 55%.

The project revolves around the concept of utilizing an optimized distribution

channel. The report provides the economic feasibility analysis of a Tap Off Point
(TOP) at Hajo, a place 28 km from Guwahati. The location Hajo come into
consideration as NRL has Numaligarh Siliguri Pipeline (NSPL) passes through Hajo.
The pipeline distance from NRL to Hajo TOP is about 247.5kms.A Tap Off Point is a
point of pipeline from where products are evacuated and stored in the storage tanks
for further distribution to the customers. Now from the study, we have to find out if
NRL set up the TOP at Hajo then how much cost can be saved in terms of
transportation, after how many years NRL will start getting profit from the investment.
The report provides detail analysis of market size estimation, demand forecasting of
the existing market with past year‟s sales data analysis, IRR calculation of the
project, recommendations for increasing profit if the Hajo TOP is to be made.

OBJECTIVES TO STUDY:
The objective of the project is:

“To find out the economic feasibility of a Tap Off Point (TOP) at Hajo”.

The following sub-objectives are taken to arrive at the main objective

 To determine the market size of Motor Sprit (MS) and High Speed Diesel
(HSD) in Lower Assam and Meghalaya for all Oil Marketing Companies
(OMC‟s) including NRL.
 Determination of RTKM distances from Hajo TOP to NRL RO‟s of Lower
Assam and Meghalaya.
 To find out the transportation cost saving for NRL by distributing MS and HSD
from Hajo TOP.
 To determine the demand forecasting of MS and HSD for the considered
markets.
 To evaluate the project on the basis of financial parameter like Internal Rate
of Return (IRR).
RESEARCH METHODOLOGY:
 Research Design : Explorative

 Research Method : Secondary Research

 Sampling Centre : Lower Assam and Meghalaya

 Secondary Data Source :

o Internal source: Internal data base files of NRL.

o External source: Internet, Annual reports, internally published journals

of NRL.

 Analysis plan: The tool used for analysis is MS-Excel spreadsheet.

The following steps were considered for finding out the feasibility of the

TOP at Hajo-

 Market size determination for Lower Assam and Meghalaya.

 Determination of RTKM distances from Hajo TOP to NRL RO‟s

of Lower Assam and Meghalaya

 Transportation cost saving for NRL from Hajo.

 Demand forecasting of MS & HSD for 15 years.

 Calculation of IRR for the project.

Finally drawing up conclusions based on the study carried out.

FINDINGS:
During the year 2008 the sales figure for MS & HSD are as follows:

ALL OMC
NRL
STATE (NRL,HPCL,BPCL,RIL,ESSAR)

MS(KL) HSD(KL) MS(KL) HSD(KL)

LOWER ASSAM 22901.2 56557.8 10479 17995

MEGHALAYA 16019.6 91321 6106 51626

TOTAL 38920.8 147878.8 16585 69621

 During 2008 HPCL was leading the MS market in Meghalaya by 51%,

followed by NRL (38%), BPCL (9%) & ESSAR (2%).

 In 2008 the MS market of Lower Assam was being lead by NRL with 46%,
followed by HPCL (41%), BPCL (11%), RIL (1%) & ESSAR (1%).

 NRL was leading the HSD market of Meghalaya by 57%, followed by HPCL
(32%), BPCL (9%) & ESSAR (2%) during 2008

 While HPCL was leading the HSD market of Lower Assam with (57%)
followed by NRL (32%), BPCL (10%) &RIL (1%).

 From the month wise sales figures it is clear that HPCL & NRL are the key
players in both MS & HSD markets of Lower Assam and Meghalaya.

 From the comparative sales figures of January-February-March for

2008&2009 it is clear that sales volume of all OMC‟s has increased in 2009.

 By setting up the Hajo-TOP NRL can reduce the RTKM distance to the RO‟s
of Meghalaya and Lower Assam by-

o 513.64 kms per RO for Lower Assam

o 385.76 kms per RO for Meghalaya

o 449.70 kms per RO as Average of both the states

  Transportation cost saved from Hajo-TOP

Region MS(Rs/MT/RO) HSD(Rs/MT/RO)

Lower Assam 610.84 488.39

Meghalaya 395.77 303.81
Average 503.31 396.10

 The IRR for the project comes out to be 10%. Ideally IRR should be greater
than 0% for a project to be feasible& also the 10% IRR is very close to bank
investment return rate. The project can be chosen over bank investment
because it also covers some other dimensions like employment opportunities
for the locality, more market penetrations for NRL ect. From this we can say
that the project is feasible with the present market conditions.

RECOMMENDATION:

To maximize the return NRL should try to increase the throughput of the Hajo-TOP
this can be done by

Searching geographically & logistically viable markets for Hajo like

Mizoram, Tripura etc.

NRL should increase the number of RO‟s in Lower Assam and Meghalaya.

Presently BPCL, HPCL, ESSAR & RIL are purchasing products from
Numaligarh Refinery Marketing Terminal ( NRMT) of NRL. The material is
sold at the refinery gate and the transportation cost from the supply point to
the retail outlets are borne by the OMC‟s. Once the operation from Hajo
TOP is started these oil companies will prefer to take products for Lower
Assam and Meghalaya region from Hajo TOP. In such a scenario the
transportation cost from NRL to Hajo will be borne by NRL which will be an
added cost compared to the present scenario i.e. why sale to these
companies is not considered in the transportation cost saving analysis.

Sale to the OMC‟s can be considered as a way of enhancement of return

only when there is an overall increase in sales volume in NRMT & Hajo
combine. In such cases the profit coming out of the delta or differential can
be taken as a input in this analysis. However in such cases we also have to
consider additional operational cost(Annexure-8)and Pipe line
transportation cost from NRL to Hajo.
1.1 THE INDIAN OIL AND GAS INDUSTRY - CURRENT SCENARIO

The oil and gas industry has been instrumental in fuelling the rapid growth of the
Indian economy. The petroleum and natural gas sector which includes
transportation, refining and marketing of petroleum products and gas constitutes
over 15 per cent of the GDP.

Petroleum exports have also emerged as the single largest foreign exchange earner,
accounting for 17.24 per cent of the total exports in 2007-08. Growth continued in
2008-09 with the export of petroleum products touching US$ 18.34 billion during
April-September 2008.

In November 2008, the Cabinet Committee on Economic Affairs awarded 44 oil and
gas exploration blocks under the seventh round of auction of the New Exploration
Licensing Policy (Nelp-VII). The overall number of blocks brought under exploration
now exceeds 200.

The allocation is likely to bring in investments worth US$ 1.5 billion.

PRODUCTION
Domestic production of crude oil has increased to 34.11 MT in 2007-08 from
33.98 MT in 2006-07.
The production of petroleum products went up to 144.93 MT in 2007-08, from
135.26 MT in 2006-07.
The production of natural gas went up to 32.27 billion cubic metres tonnes
(BCM) in 2007-08, from 31.74 BCM in 2006-07.
The projected production of crude oil during the 11th Five-Year Plan (2007-
2012) is 206.76 MMT, while that of natural gas is 255.27 BCM.
Production of gas from Reliance Industries' eastern offshore KG D-6 fields,
with a life of 11 years, started on April 1 and will increase to 80 million
standard cubic metres per day (MSCMD) by the end of the year. Production
will help save US$ 9 billion in oil import.
Cairn India will commence the commercial production of crude oil from its
Rajasthan fields from September 2009. It is expecting a production of 175,000
barrels per day.
CONSUMPTION
India's domestic demand for oil and gas is on the rise. As per the Ministry of
Petroleum, demand for oil and gas is likely to increase from 176.40 million tonnes of
oil equivalent (mmtoe) in 2007-08 to 233.58 mmtoe in 2011-12.

GLOBAL REFINING HUB

India is emerging as the global hub for oil refining with capital costs lower by 25 to 50
per cent over other Asian countries.

Already, the fifth largest country in the world in terms of refining capacity, with a
share of 3 per cent of the global capacity, India is likely to boost its refining capacity
by 45 per cent or 65.3 mtpa (million tonne per annum) over the next five years,
according to a Deutsche Bank report. Indian companies plan to increase their
refining capacity to 242 mtpa by 2011-12 from about 149 mtpa in 2007.

IOC will increase the capacity of its Haldia refinery to 7.5 mtpa by the end of the
year.

RETAIL SECTOR
Increase in automobile sales has led to significant investments being made to
develop and expand the petroleum retail market. According to US-based consultancy
Keystone, automobile sales are likely to grow to about 20 million a year by 2030
(from the present 1 million), making India the third largest automobile market in the
world.

Consequently, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan

Petroleum Corporation together are planning to open over 3,000 retail outlets this
year. Reliance plans to build 6,000 service stations.

GAS
Gas demand in India is dominated by the power and fertilizer sectors which account
for 66 per cent of the current consumption. In 2006, the total gas demand was
around 152 MSCMD. The gas demand is expected to increase to 320 MSCMD,
according to a report by Ernst & Young. Significantly, the share of natural gas in the
overall fuel mix is expected to increase from 8 per cent in 2006 to 20 per cent by
2025.

Reliance Industries plans to invest between US$ 5.45 billion to US$ 6.54 billion over
the next three years to lay a 10,000 km-pipeline.
INVESTMENTS AND ACQUISITIONS
Public sector oil companies will spend US$ 11.33 billion next year on
expanding supplies and building new transportation networks for oil and gas.
IOC is setting up a coker plant in West Bengal at an investment of US$
596.53 million.
Essar Oil is investing US$ 400 million-US$ 450 million in Kenya Petroleum
Refinery in Mombasa.
ONGC will invest US$ 696 million for increasing facilities at its oilfields in
Assam and Western Offshore to boost output.

GOVERNMENT INITIATIVES
The government has been taking many progressive measures to create a conducive
policy and regulatory framework for attracting investments.

Allowing 100 per cent foreign direct investment (FDI) in private refineries
through automatic route and 26 per cent in government-owned refineries.
Implementation of the NELP in 1997.
Abolition of the administered pricing policy.
100 per cent FDI is also allowed in petroleum products, exploration, gas
pipelines and marketing/retail through the automatic route.

ROAD AHEAD
According to a recent CII-KPMG report India's energy sector will provide investment
avenues worth US$ 120 billion-US$ 150 billion over the next five years. According to
the Investment Commission of India, the total opportunity in the oil and gas sector is
expected to reach US$ 35 billion to US$ 40 billion by 2012.
1.2 ABOUT NUMALIGARH REFINERY LIMITED, (NRL)

PROFILE:
Nestling in the sylvan environs of the Brahmaputra valley where the beautiful
rendezvous of water and land throws up myriad colours, Numaligarh Refinery
Limited (NRL), which was set up at Numaligarh in the district of Golaghat (Assam) in
accordance with the provisions made in the historic Assam Accord signed on 15th
August 1985, has been conceived as a vehicle for speedy industrial and economic
development of the region.

The 3 MMTPA Numaligarh Refinery Limited was dedicated to the nation by the
erstwhile Hon'ble Prime Minister Shri A. B. Vajpayee on 9th July, 1999. NRL has
been able to display creditable performance since commencement of commercial
production in October, 2000. With its concern, commitment and contribution to socio-
economic development of the state combined with a track record of continuous
growth, NRL has been conferred the status of Mini Ratna PSU.

The present authorized capital of the company is Rs. 1000 crores and paid up capital
is Rs. 735.63 crores. The shareholding pattern as on 31-03-2006 is given below :

Bharat Petroleum Corporation Limited :: 61.65%

Govt. of Assam :: 12.35%

Oil India Limited :: 26.00%

Total :: 100%
Product Range: NRL‟s product range includes LPG, Naphtha, Motor Spirit (MS),
Aviation Turbine Fuel (ATF)Superior Kerosene Oil ( SKO)High Speed Diesel (HSD),
Raw Petroleum Coke ( RPC ) Calcined Petroleum Coke ( CPC) & Sulphur.

Retail Segment: Strategic decision was taken to enter into the Retail Distribution
segment. Permission was received from Govt. of India to market MS & HSD through
a chain of 510 Retail Outlets in a phased manner. Hitherto, scores of retail outlets,
aptly christened 'Energy Stations' have already been commissioned in the North
East and other parts of India and the process continues.

Commitment to the community: NRL is conscious of the fact that the ongoing
process of economic reforms is irreversible and the challenge of change on all facets
of business and environment is inevitable. So is the fact that the real purpose of
business is human well being. This dictum remains the driving force of all social
commitments of NRL. In keeping with this ideology, the company has both spawned
and sponsored a succession of social initiatives which entail such diverse activities
as providing relief to upgrading skill and productivity of the beneficiaries.
THE GENESIS:

Proposal for a Refinery included in "Assam Accord" as a part of :: August 15, 1985

Government of India's offered economic package

IBP Co. Limited appointed as implementing agency :: June 23, 1989


(Equity Structure IBP : 51%, GOA: 10%, Public : 39%)

 Environmental clearance received :: May 31, 1991

 EIL Appointed as Prime Consultant :: August 28, 1992

Foundation stone laid by former Prime Minister Shri P V :: July 3, 1992


Narasimha Rao

CCEA( Cabinet Committee of Economic Affairs) approval :: July 15, 1992


Accorded

 Numaligarh Refinery incorporated :: April 22, 1993

 BPCL inducted as major promoter BPCL : 32%, IBP:19%, GOA :: June 2, 1995
: 10%, Public : 39%

 Approved Commissioning :: April, 1999

 Numaligarh Refinery dedicated to the Nation by Hon'ble Prime :: July 9, 1999

Minister Shri A. B. Vajpayee

 Commencement of Commercial Operations :: October, 2000

 NRL becomes subsidiary of BPCL :: March, 2001

LOCATION:
CORPORATE VISION:
To be a vibrant, growth oriented energy company of national standing and global
reputation having core competencies in Refining and Marketing of petroleum
products committed to attain sustained excellence in performance, safety standards,
customer care and environment management and to provide a fillip to the
development of the region.

CORPORATE MISSION:
 Develop core competencies in Refining and Marketing of petroleum products
with a focus on achieving international standards on safety, quality and cost.
 Maximize wealth creation for meeting expectations of stakeholders.
 Create a pool of knowledgeable and inspired employees and ensure their
professional and personal growth.
 Contribute towards the development of the region.

CORPORATE OBJECTIVE:
 To excel in its performance, NRL would strive to:
 Maximize refinery capacity utilization and optimize product pattern by efficient
refinery operation.
 Ensure smooth and timely evacuation of products, create a sound customer
base and necessary marketing infrastructure.
 Achieve highest standards in product quality, safety, health and environment
protection.
 Manage and operate the facilities in an efficient and cost effective manner for
generation of adequate internal resources.
 Inculcate best business practices through the use of ERP and E-Commerce.
 Focus on development and growth of Human Resource through proper
training and career planning.
 Plan for production and marketing of low volume, high value products.
 Remain at the technological forefront by continuous upgradation of in-house
expertise and absorption of the latest technologies.
 Establish strong corporate identity and brand equity.
 Facilitate economic and industrial development of the region.
REFINARY CONFIGURATION:
MAJOR UNITS OF THE REFINERY:
Crude & Vacuum Distillation
CDU Capacity : 3.0 MMTPA
Designed By : Engineers India Limited
Commissioned : April‟1999
VDU Capacity : 1.32 MMTPA
Designed By : Engineers India Limited
Commissioned : April‟1999

Delayed Coker Unit

Capacity : 0.306 MMTPA
Designed By : Engineers India Limited
Commissioned : Sept‟1999
Hydrocracker Unit
Capacity : 1.1MMTPA
Licensor : CHEVRON, USA
Commissioned : June‟2000
Sulfur Recovery Block
Capacity : 4000 TPA
Designed By : Engineers India Limited
Commissioned : July‟ 2000
Hydrogen Unit
Capacity : 38000 TPA
Licensor : HALDOR TOPSOE, Denmark
Commissioned : Feb‟2000

Coke Calcination Unit

Capacity : 0.104 MMTPA
Licensor : SVEDALA,USA
Commissioned : May 2004

Motor Spirit Plant

Capacity : 225 TMTPA
Process licensor : M/s AXENS France
Consultant : Toyo Engineering (I) Ltd.
Commissioned : Naptha hydrotreating unit : June 2006
Catalytic Reforming unit: July 2006
PRODUCTS OF NRL:

Products TMT % Wt. on Feed

Light Distillates
LPG 96 3.2
NAPHTHA 32 1.1
MS 185 6.2
313 10.4
Middle Distillates
ATF 132 4.4
SKO 270 9.0
HSD 1856 61.9
2258 75.3
Heavy Ends
RPC 50 1.7
CPC 44 1.5
SULPHUR 4 0.1
99 3.3

F&L 330 11
TOTAL 3000 100

QUALITY POLICY:
NRL strongly believe that quality performance is an integral part of their business
and are accordingly committed to attain sustained excellence in all activities
connected with refining, storage, dispatch and marketing of petroleum products.

In pursuance of the above Policy, the refinery shall:

Ensure that the quality of petroleum products consistently meets the

stipulated specifications and the environmental requirements.
Adhere to the requirement of Quality Management Systems conforming to
ISO 9001:2000 in all the relevant activities throughout the organization
Review policy for continual improvement of the effectiveness of Quality
Management Systems.
Review the performance of relevant processes for effectiveness and efficiency
and strive to improve upon them continually through setting of objectives.
Aim for minimization of losses and continual improvement of plant
performance and competency of the employees.
Maintain focused attention on Customer Satisfaction.
AWARDS AND ACCOLADES:

Year Award Agency

2008 National Energy Conservation Awards -

2008 Oil Industry Safety Awards Oil Industry Safety Directorate (OISD)

2008 Oil & Gas Conservation Award Centre of High Technology (CHT)

2008 TERI Corporate Environmental excellence Award TERI (The Energy and Resources Institute)

2008 Greentech Gold Safety award Greentech Foundation, New Delhi

National Energy Conservation Award 2007 (2nd

2007 Bureau of Energy efficiency ( BEE )
prize in the Refineries sector)

2007 TERI Corporate Environmental Excellence Award TERI (The Energy and Resources Institute)

2006 Shrestha Suraksha Puraskar National Safety Council

2005-06 Greentech Gold Award for Safety Greentech Foundation, Hyderabad

Ranked 10th in the country by Dun and Bradstreet

D & B which is one of the world’s leading
2005-06 (based on total income in the oil- Refining and
source of business information and insight.
Marketing Sector in India’s top 500 companies.

Oil and Gas Conservation Fortnight Awards- 2006

Centre for High Technology (Ministry of
2005-06 3rd prize in Category-1 (Insulation effectiveness of
Petroleum and Natural Gas)
Furnace/Boiler)

Oil Industry Safety Award for the year 2005-06 –

2005-06 2nd prize (Refineries Group)
Oil Industry Safety Directorate

POPAI – OMA Silver Award for Retail visual identity POPAI (Point of purchase Advertising
2005-06 of NRL Energy Stations International)
CERTIFICATIONS:
Within two years of its commercial operations, NRL achieved global standards by
obtaining the following certifications in the year 2002 from Det Norske Veritas (DNV),
a premier certifying agency well known world-wide.

ISO 9001 :2000

Quality Management System

(QMS) to establish capability
to supply consistently in
conformity to specifications
and customer requirements
and continuously improve
upon the same.

ISO 14001: 1996

Environment Management
System (EMS) to enable
formulation & implementation of
policies and programmes in
conformity with environment
requirements and aspects.

OHSAS 18001 : 1999

Occupational Health & Safety

Management System (OHSMS) to
enable establishing systems' in
conformity to specified procedures for
occupational safety & health.
MARKETING STRATEGIES OF NRL:
Numaligarh Refinery Ltd is mainly a refining company and process indigenous crude oil
delivered through pipeline from oil fields of OIL and ONGC in the Northeast region. The
company sells its main products viz. LPG, MS, ATF, SKO and HSD to oil marketing
companies while other products like naptha, RPC, and Sulphur are marketed directly or with
the help of its parent company. Numaligarh Refinery Ltd has authorization from government
for setting up a chain of 510 retail outlets in various part of the country for marketing auto
fuel. The company launched its retail network, “ NRL ENERGY STATIONS” during 2004-
2005. A total of 12 energy stations have been made operational. Work is in progress for
developing at least 50 energy stations during the current year. NRL has already established
capability for producing BS-II & Euro-III grade HSD with limited capacity utilization, without
any additional capital investment.

1. WHOLESALE TO OTHER OIL MARKETING COMPANIES:

Basically NRL use to get its crude from OIL and ONGC and then dispatched the finished
products to certain OMC‟s. BPCL buys majority of products of NRL( around 80%). The
product dispatch pattern to the OMC‟s is given below:

BPCL = MS, HSD, ATF, SKO, LPG bulk and bottle LPG.

HPCL = MS, HSD, ATF and Bottle LPG

IOC = HSD, ATF, SKO LPG bulk and bottle LPG

RIL = MS, HSD, ATF.

SHELL = MS, HSD

ESSAR = MS, HSD.

2. WHOLESALE TO DIRECT CUSTOMERS:

NRL‟s crude processing capacity is of 3MMTPA, hence to evacuate its products, it

do need customer for longer period with consistency. Basically customers are
categorized into different segments as per requirements. As such bulk customers are
the industries for which it use to sell MS and HSD in bulk way. E.g. Tea industry,
Agro industry etc. Apart from this it also use to sell some other products viz. Sulphur,
RPC, CPC etc in the following pattern:
 Sulphur purchaser = Assam State Fertilizer and Testa Agro Industries.
Raw petroleum Coke = Guwahati Carbon and Brahmaputra Carbon Ltd,
India Carbon and Swift Finnest
Calcine Petoleum Coke = Hindalco, Balco, Nalco. Etc

RETAIL OUTLETS:

Prior to the dismantling of Administered Price Mechanism, NRL was not involved in
retail business. But after dismantling of the same, NRL received marketing rights
from the govt. of India for marketing of MS and HSD and also for setting up of retail
outlets all throughout the country. Accordingly the company had prepared a road
map for setting up of 510 retail outlets as per govt. approval and has simultaneously
completed the branding for positioning the retail outlets in the market.

Types:

Company Owned Company Operated. (COCO)

Company Owned Dealer Operated. (CODO)
Dealer Owned Dealer Operated. (DODO)

COCO: COCO outlets are owned by the company and are operated either through
operators or officers. The stock sale and collections at these outlets are the
responsibility of the company and the person specified is required to tally the stock,
sales and collection on behalf of the company.

CODO: Here dealers operate the outlets and simultaneously keep in touch with the
company. Here the construction expenses will be from the company but the
ownership and responsibility for stock, sales and collection lies with that of the
dealer.

DODO: Here the responsibility of the company does not exist in terms of sales and
guidelines. Moreover the expenditure required for the construction of such outlets is
totally born by dealer. The basic parameter for such outlet is that the location for the
outlet is first decided by the dealer and if the location is found to be appropriate for
operation than he or she may get the license to sell the companies product.

Presently, there are 108 sanctioned ROs of NRL out of these 86 are operating
across the country out of which 54 ROs are in North East and rest 32 outside North
East. These 32 ROs of NRL located outside North East get their Petroleum products
from BPCL.
MARKETING ACTIVITIES @ NRL (Schematic Representation)

TAS

(Terminal Automation System)

Stock Points
System ERP
(Outside NRL)

Barge Loading Direct Customer

(1200KL to 1800KL

NRMT

LPG BP
LPG Bulk

RPC/Sulphur
Rail Loading
(CPC Bagging)
(2 spurs)

Road Loading

(SKO,ATF,MS,HSD) Evacuation to
NSPL
PERFORMANCE PROFILE:

2007-08 2006-07 2005-06

Crude Oil Processed(TMT) 2568 2504 2133
Capacity Utilization 86% 83% 71%
Installed Capacity 3000 TMT
Production Quantity(TMT) 2302 2268 1958
Light Distillates % 15.2% 14.7% 14.1%
Middle Distillates % 80.4% 80.7% 80.6%
Heavy Ends % 4.4% 4.6% 5.3%
Market Sales(TMT) 2391 2333 1961
Sales and Earnings(Rs in millions)
1) Sales turnover 87641.6 79303.22 58203.67
2) Gross Profit before Depreciation , Interest and Tax 5840.35 8384.24 6470.02
3) Depreciation 1556.57 1576.16 1394.62
4) Interest 232.38 205.57 347.11
5) Adjustment for prior period -79.6 771.42 -28.05
6) Profit before tax 4131 5831.09 4756.34
7) Tax* 402.89 143.06 267
8) Profit After Tax 3728.11 5688.03 4489.34
(Reference: Annul Report 2007-08)

PERFORMANCE PROFILE: (Statistical representation)

Fig: Product wise Sales Pattern

(Reference: Annul Report 2007-08)

Fig: Distribution of Sales Value-($80.66 per bbl)

Fig 3: Party wise % of sales

(Reference: Annul Report 2007-08)

1.3 NUMALIGARH REFINERY MAKETING TERMINAL (NRMT):
Numaligarh refinery has implemented one of the most sophisticated Marketing Terminals.
After meeting the requirement of petroleum products in North-East, the surplus petroleum
products are moved out to other parts of the country. At current demand level, 15% of
Numaligarh Refinery production is absorbed within the North-East. At Marketing Terminal
state of the art Terminal Automation System (TAS) has been installed to affect the
despatches both through road and rail. The TAS solution was imported from M/s Alstom,
France and adopted in the year 2000. The TAS is seamlessly integrated with the ERP
System to enable operation and business processes work in tandem.

The first rake of products from the Marketing Terminal was flagged off by Honourable
Minister for Petroleum & Natural Gas, Shri Ram Naik on 9th April 2000.

Products Dispatched: Motor Sprits (MS), High Speed Diesel (HSD), Naptha, Superior
Kerosene Oil (SKO), Aviation Turbine Fuel (ATF), Liquified Petroleum Gas (LPG), Raw
Petroleum Coke (RPC), Calcine Petroleum Coke (CPC) and Sulphur.

Modes of Dispatch: Railways, Roadways and very recently introduced Numaligarh-Siliguri

Pipe Line (NSPL).

About 80% of the dispatches are made through Railways and 20% through Roadways. Few
dispatches are also made through River ways from Silghat to Budge Budge which is very
less in number

Major supplies of about 85% of the total supplies of HSD and MS are made to the Oil
Marketing Companies (OMCs) viz. IOCL, HPCL, BPCL, Relience and Essar Oil. About
10% of supplies are made to the NRL‟s own Retail Outlets (RO‟s) which are commonly
known as Petrol Pumps or Depots. Balance 5% of supplies (mainly HSD) are made to Direct
Customers viz. the Tea gardens and Oil India Limited.

Direct
Customer
RO
5%
10%

OMC
85%
1.4 ABOUT NUMALIGARH –SILIGURI PIPE LINE (NSPL):

To improve the reliability of product evacuation in future, NRL has entered into an
agreement with M/s Oil India Limited (OIL) for transportation of white oil products
from Numaligarh to Siliguri through a product pipeline. While the “Product Pipe Line
Project” is being implemented by Oil India Ltd., NRL is setting up “Product Receiving
and Dispatch Terminal” at Siliguri at an estimated project cost of Rs. 149.57 crores
and Dispatch Terminal at Numaligarh at an estimated project cost of Rs. 4.32 crores.
The total length of Numaligarh-Siliguri Pipe Line is about 602km with 1 pumping station
and 4 repeater station. The diameter of the pipeline is 16 inch and will carry 1.721 mmtpa
petroleum products from Numaligarh to Siliguri.The hold up capacity of the pipeline is about
79000KAL (approx). The sequence of product PLT is - HSD SKO MS SKO HSD.
Currently full utilization of NSPL is not taking place but is expected to continuously carry
product from Numaligarh to Siliguri in near future. The courtesy of the products inside the
pipeline belongs to Oil India Limited (OIL)and it transfers to NRL when the products
are received at the Siliguri marketing terminal.
TITLE OF THE PROJECT

“A FEASIBILITY
ANALYSIS OF
HAJO TAP OFF POINT
(TOP)”
2.1 INTRODUCTION:

The project is about setting up a Tap Off Point (TOP) at Hajo, a place 28 km from

Guwahati. The location hajo come into consideration as Numaligarh Refinery Limited

(NRL) already has a product pipeline from Numaligarh to Siliguri via Hajo. The

pipeline distance from NRL to TOP is about 247.5 kms. Tap Off Point is a point of

pipeline from where products are evacuated and stored in the storage tanks for

further distribution to the customers. As setting up a TOP involves considerable

capital investment, it becomes very essential to cary out a feasibility analysis. The

main upside of such project is cost saving in terms of transportation.

2.2 RESEARCH OBJECTIVE:

The objective of the project is:

“To find out the economic feasibility of a Tap Off Point (TOP) at Hajo”.

The following sub-objectives are taken to arrive at the main objective

 To determine the market size of Motor Sprit (MS) and High Speed Diesel

(HSD) in Lower Assam and Meghalaya for all Oil Marketing Companies

(OMC‟s) including NRL.

 Determination of RTKM distances from Hajo TOP to NRL RO‟s of Lower

Assam and Meghalaya.

 To find out the transportation cost saving for NRL by distributing MS and HSD

from Hajo TOP.

 To determine the demand forecasting of MS and HSD for the considered

markets.

 To evaluate the project on the basis of financial parameter like Internal Rate

of Return (IRR).
2.3 RESEARCH METHODOLOGY:
 Research Design : Explorative

 Research Method : Secondary Research

 Sampling Centre : Lower Assam and Meghalaya

 Secondary Data Source :

o Internal source: Internal data base files of NRL.

o External source: Internet, Annual reports, internally published journals

of NRL.

 Analysis plan: The tool used for analysis was MS-Excel spreadsheet.

The following steps were considered for finding out the feasibility

of the TOP at Hajo-

 Market size determination for Lower Assam and Meghalaya.

 Determination of RTKM distances from Hajo TOP to NRL RO‟s

of Lower Assam and Meghalaya

 Transportation cost saving for NRL from Hajo.

 Demand forecasting of MS & HSD for 15 years.

 Calculation of IRR for the project.

Finally drawing up conclusions based on the study carried out.

2.4 ANALYSIS:

Analysis of the project is done with the following steps:

Step 1: Market size determination

The OMC‟s into consideration are NRL, HPCL, BPCL, ESSAR AND RIL. IOC has
been excluded from the list because of the following reason –

 As IOC has 3 refineries in North East. Hence, IOC sources most of the
petroleum products from its own refineries. However certain products like
SKO, ATF, LPG etc are purchased from NRL due to certain geographical and
logistical advantages. Also IOC has 2 refineries in proximity to Hajo TOP
market (GUWAHATI REFINERY and BRPL). So it‟s very unlikely that IOC will
come to Hajo and buy product (MS and HSD) from NRL.

The potential market for Hajo TOP is Lower Assam and Meghalaya. State like
Mizoram and Tripura are not considered as there are no RO‟s of NRL and a very few
numbers of RO‟s of other OMC‟s. So the calculation has been done by considering
the most favorable market i.e. Lower Assam and Meghalaya.

The size of the market will be given by the annual consumption of MS and HSD in
the market.

Analysis of sales data of year 2008 and 2009(Jan – March) furnishes the following
result.
OMC wise market share of MS in Meghalaya for 2008:

MEGHALAYA (MS)
2008
ESSAR
2%
BPCL
9%
NRL
38%

HPCL
51%

(Refer Annexure 1)

OMC wise market share of MS in Assam for 2008:

ASSAM (MS) RIL

2008 1%
ESSAR
BPCL 1%
11%

NRL
46%

HPCL
41%

(Refer Annexure 2)
OMC wise market share of HSD in Assam for 2008:

ASSAM (HSD)
RIL
2008 1%
ESSAR
0%
BPCL
10%
NRL
32%

HPCL
57%

(Refer Annexure 2)

OMC wise market share of HSD in Assam for 2008:

MEGHALAYA HSD
2008
ESSAR
2%
BPCL
9%

HPCL
NRL 32%
57%

(Refer Annexure 1)
Month wise sales figure of HSD in Assam (2008)

SALES FIGURES (KL)

7000

6000

5000

4000
SALES

3000

2000

1000

0
JANU FEBR MARC AUGU SEPTE OCTO NOVE DECE
APRIL MAY JUNE JULY
ARY UARY H ST MBER BER MBER MBER
2008
ASSAM
RIL 196 210 0 0 0 0 0 0 0 0 0 0
NRL 1157 1100 1486 1745 1567 1295 1536 1494 1464 1464 1672 2015
HPCL 2356 2424 2542 2464 2460 1984 3164 2790 2746 2746 3201 3243
ESSAR 12 12 0 0 0 0 0 0 0 0 96 96
BPCL 344.4 376 338 420 370 312 511.2 470.4 632 632 683.2 731.6

(Refer Annexure 2)
 Month wise sales figure of MS in Assam (2008)

SALES FIGURES (KL)

2500

2000

1500
SALES

1000

500

0
JANU FEBR MARC AUGU SEPTE OCTO NOVE DECE
APRIL MAY JUNE JULY
ARY UARY H ST MBER BER MBER MBER
2008
ASSAM
RIL 132 96 72 24 0 0 0 0 0 0 0 0
NRL 879 808 876 1037 949 802 861 824 828 828 842 945
HPCL 743 666 677 756 920 549 800 976 937 937 780 688
ESSAR 12 12 0 0 0 0 0 12 24 24 12 12
BPCL 135.6 128 148 144 158 156 250.8 213.6 310 310 264.8 342.4

(Refer Annexure 2)
Month wise sales figure of HSD in Meghalaya (2008)

SALES FIGURES (KL)

10000

9000

8000

7000

6000
SALES

5000

4000

3000

2000

1000

0
JANU FEBR MARC AUGU SEPTE OCTO NOVE DECE
APRIL MAY JUNE JULY
ARY UARY H ST MBER BER MBER MBER
2008
MEGHALAYA
NRL 5351 4982 5375 5386 4974 4262 3206 2534 3307 3329 3902 5018
HPCL 2773 2717 2710 2704 2481 1940 2086 1568 2138 2544 2769 2597
ESSAR 444 420 120 0 0 0 0 0 0 0 300 864
BPCL 752 766 910 992 872 434 412 462 480 729 812 899

(Refer Annexure 1)
Month wise sales figure of MS in Meghalaya (2008)

SALES FIGURES (KL)

1800

1600

1400

1200

1000
SALES

800

600

400

200

0
JANU FEBRU MARC AUGU SEPTE OCTO NOVE DECE
APRIL MAY JUNE JULY
ARY ARY H ST MBER BER MBER MBER
2008
MEGHALAYA
NRL 492 500 592 592 580 500 468 402 437 487 470 586
HPCL 600 568 604 662 716 604 678 746 768 776 756 688
ESSAR 60 72 36 0 0 0 0 0 0 0 48 120
BPCL 88 92 56 106 124 136 110 108 156 163 124 148.6

(Refer Annexure 1)
JAN-FEB-MARCH sales figure for HSD in Assam 2008-2009

SALES FIGURES HSD - ASSAM - JAN-FEB-

MARCH(2008&2009) (KL)
5000

4500

4000

3500

3000
SALES

2500

2000

1500

1000

500

0
JANUARY FEBRUARY MARCH JANUARY FEBRUARY MARCH
2008 2009
ASSAM
BPCL 344.4 376 338 575.4 656 928
ESSAR 12 12 0 144 156 204
HPCL 2356 2424 2542 3699 4276.5 4424
NRL 1157 1100 1486 2032 2270 1136.5
RIL 196 210 0 0 0

(Refer Annexure 2)
JAN-FEB-MARCH sales figure for MS in Assam 2008-2009

SALES FIGURES MS- ASSAM-JAN-FEB-

MARCH(2008&2009) (KL)
3000

2500

2000
SALES

1500

1000

500

0
JANUARY FEBRUARY MARCH JANUARY FEBRUARY MARCH
2008 2009
ASSAM
BPCL 135.6 128 148 325.6 258.8 348
ESSAR 12 12 0 48 72 60
HPCL 743 666 677 887 873 1338
NRL 879 808 876 969 1038 2825.5
RIL 132 96 72 0 0

(Refer Annexure 2)
JAN-FEB-MARCH sales figure for MS in Meghalaya 2008-2009

SALES FIGURES MS-MEGHALAYA-JAN-FEB-

MARCH (2008&2009) (KL)
1000

900

800

700

600
SALES

500

400

300

200

100

0
JANUARY FEBRUARY MARCH JANUARY FEBRUARY MARCH
2008 2009
MEGHALAYA
BPCL 88 92 56 128 152 144
ESSAR 60 72 36 96 96 168
HPCL 600 568 604 748 756 920
NRL 492 500 592 612 649.5 659
RIL 0 0 0

(Refer Annexure 1)
JAN-FEB-MARCH sales figure for HSD in Meghalaya 2008-2009

SALES FIGURES HSD-MEGHALAYA-JAN-FEB-

MARCH(2008&2009) (KL)
7000

6000

5000

4000
Sales

3000

2000

1000

0
JANUARY FEBRUARY MARCH JANUARY FEBRUARY MARCH
2008 2009
MEGHALAYA
BPCL 752 766 910 938 1000 964
ESSAR 444 420 120 876 682 1288
HPCL 2773 2717 2710 2426 3567 4328.5
NRL 5351 4982 5375 5570 5168.5 5739
RIL 0 0 0

(Refer Annexure 1)
Step 2: Determination of RTKM distances from Hajo TOP to the NRL retail outlets
of Lower Assam and Meghalaya.
The abbreviation RTKM is given for Round Trip Kilo Meter. It is the total distance
travelled by a Tanker Truck starting from the loading point to the delivery point and
coming back to the delivery point. RTKM distances to the RO‟s of Meghalaya are
calculated on the basis of distance between the Hajo TOP and NES Jorabat.
Similarly the RTKM distances to the RO‟s of Lower Assam are calculated on the
basis of distance between the Hajo TOP and NES Adabari. RTKM to some RO‟s
having different route are calculated by finding out the shortest possible route.

Following calculations are done prior to the calculation of RTKM:

Distance between Hajo and Guwahati=28 kms (Reference „www.north-east

india.com”)
The distance from Hajo to NES Adabari is assumed as 28 kms.
A distance of 9 kms is added as the distance from TOP location to the
National Highway.
Distance between NES Adabari and NES Jorabat=35kms(Reference NRL
RTKM Data)

Now,

TOP to NES Adabari= (Distance from Hajo to Guwahati)-(Distance from TOP to Highway)

= (28+9) kms

= 37 kms

RTKM from TOP to NES Adabari= (37×2) =74 kms

Again,

TOP to NES Jorabat=(Distance from TOP to NES Adabari) - (Distance from NES Adabari
to NES Jorabat)
= (37+35) kms

= 72 kms

RTKM from TOP to NES Jorabat= (72×2) =144 kms

The excel sheet with the calculations are shown below:

Table of RO‟s of Lower Assam:

RTKM(NRL) RTKM(TOP) RTKM SAVED

RO
KM KM KM

NES Mangaldai 500 92 408

NES Jayanagar 550 94 456

NES Zoo Road 554 90 464

NES Lokhra Road 557 87 470

NES Tangla 560 62 498

NES Adabari 570 74 496

NES Baihata Chariali 610 32 578

NES Agia 800 230 570

NES Srirampur 1140 570 570

NES Chagalia 1152 582 570

NES Kokrajhar 1202 632 570

TOTAL RTKM SAVED 6163.64

AVERAGE RTKM SAVED PER RO 513.64

(Refer Annexure 3)
Table of RO‟s of Meghalaya:

RTKM(NRL) RTKM TOP RTKM SAVED

RO KM KM KM
NES Jorabat 500 144 356
NES Byrnihat 520 164 356
NES Shillongcity2 670 314 356
NES Sanpung 824.1 468.1 356
NES Bapung 840 484 356
NES Nangal 840 266 574
NES Dkhiah 858 502 356
NES Rymbai Road 863 507 356
NES Nongstion 870 514 356
NES Sutunga 872 516 356
NES Byndihati 878 522 356
NES Chiehruphi 934 578 356
NES Borsora 970 614 356
NES Umkiang 1009 653 356
NES Phulbari 1060 634 426
NES Shangbangla 590 234 356
NES Williamnagar 1020 446 574
TOTAL RTKM SAVED 6558
AVERAGE RTKM SAVED PER RO 385.76

(Refer Annexure 4)

Weighted Average RTKM saved per RO in both the states:

= [(AVERAGE RTKM SAVED PER RO in Lower Assam). + (AVERAGE RTKM SAVED PER RO in Lower
Assam)] /2

= (513.64+ 385.76) / 2

= 449.70 kms.
Step 3: Estimation of transportation cost saving by transporting from TOP .

From the previous analysis, it has been seen that distribution from TOP results in
decrease in RTKM distance for the respective RO‟s then that of NRL. Now, if we
multiply the freight charges with the RTKM values, we will get the transportation cost.
To perform this step freight charges are multiplied with existing RTKM values of NRL
and with the new RTKM values from TOP. The difference between these two values
will give the transportation cost saving for the particular retail outlet. The average
saving in terms of transportation cost per RO.

The transportation cost from TOP also includes the pipeline freight of 179.34 Rs/KL
for MS and 208.96 Rs/KL for HSD (refer annexure-8).

RTKM rate for plain areas is 1.192 Rs/Km/KL.

The RTKM rate for hills is excluded because the difference in transportation from
NRL and TOP is given only by plain RTKM values. Hill RTKM value will remain same
in both the cases.

Table for lower Assam RO‟s (Refer annexure 5)

TOTAL TOTAL TOTAL TRNS TOTAL TRNS

NRL TPT COST TOP
COST MS COST HSD COST SAVED COST SAVED
RO RTKM (_×1.192) RTKM
MS HSD
KM Rs KM
RS RS RS RS
NES Mangaldai 500 596 92 289.00 318.62 307.00 277.38
NES Jayanagar 550 655.6 94 291.39 321.01 364.21 334.59
NES Zoo Road 554 660.368 90 286.62 316.24 373.75 344.13
NES Lokhra
557 663.944 87 283.04 312.66 380.90 351.28
Road
NES Tangla 560 667.52 62 253.24 282.86 414.28 384.66
NES Adabari 570 679.44 74 267.55 297.17 411.89 382.27
NES Baihata
610 727.12 32 217.48 247.10 509.64 480.02
Chariali
230 453.50 537.95 500.10 470.48
NES Agia 800 953.6
570 858.78 943.23 500.10 470.48
NES Srirampur 1140 1358.88
582 873.08 957.54 500.10 470.48
NES Chagalia 1152 1373.184
632 932.68 1017.14 500.10 470.48
NES Kokrajhar 1202 1432.784
432.91 403.30
Rs/KL
AVERAGE TRANSPORTATION COST SAVED PER RO
610.84 488.39
Rs/MT
Table for Meghalaya RO’s

TOTAL TOTAL
TRANS RTKM TRNS TRNS
RTKM TOTAL TOTAL
COST FROM COST COST
RO PLAINS(NRL) COST MS COST HSD
RS TOP SAVED SAVED
KM RS RS
(×1.192) KM MS HSD
RS RS
NES Jorabat 500 596 144 350.99 380.61 245.01 215.39
NES Byrnihat 520 619.84 164 374.83 404.45 245.01 215.39
NES
670 798.64 314 553.63 583.25 245.01 215.39
Shillongcity2
NES Sanpung 824 982.208 468 737.20 766.82 245.01 215.39
NES Bapung 500 596 144 350.99 380.61 245.01 215.39
NES Nangal 694 827.248 120 322.38 352.00 504.87 475.25
NES Dkhiah 500 596 144 350.99 380.61 245.01 215.39
NES Rymbai
500 596 144 350.99 380.61 245.01 215.39
Road
NES Nongstion 500 596 144 350.99 380.61 245.01 215.39
NES Sutunga 500 596 144 350.99 380.61 245.01 215.39
NES Byndihati 500 596 144 350.99 380.61 245.01 215.39
NES Chiehruphi 500 596 144 350.99 380.61 245.01 215.39
NES Borsora 500 596 144 350.99 380.61 245.01 215.39
NES Umkiang 500 596 144 350.99 380.61 245.01 215.39
NES Phulbari 500 596 74 267.55 297.17 328.45 298.83
NES
540 643.68 184 398.67 428.29 245.01 215.39
Shangbangla
NES
840 1001.28 266 496.41 526.03 504.87 475.25
Williamnagar
Rs/KL 280.49 250.87
AVERAGE TRANSPORTATION COST SAVED PER RO
Rs/MT 395.77 303.81
(refer annexure 6)

Weighted Average transportation cost saved in MS per RO in both states:

=[(Average TPT cost saved in Lower Assam).+(Average TPT cost in Meghalaya)] / 2
= (432.91+280.49)/2 KL= 356.70 Rs/KL
= (610.84+395.77)/2 MT=503.31 Rs/MT
Weighted Average transportation cost saved in HSD per RO in both states:
=[(Average TPT cost saved in Lower Assam).+(Average TPT cost in Meghalaya)] / 2
=(403.30+250.87)/2 KL = 327.08 Rs/KL
=(488.39+303.81)/2 MT =396.10 Rs/MT
Step4: Demand forecasting
The demand forecasting is done on the basis of annual sales data for the year 2008.
A simple escalation formula is used in excel to find out the forecasted demand for 15
years (2009-2024).

Here forecasting is done by taking annual growth rate of 11.3% for MS and 11.1%
for HSD, which are taken from annual growth rate for 2007-08 given by
PPAC(Petroleum Planning and Analysis Cell) #

# (Reference- www.ppac.org.in)

The forecasting is done in two parts-Part 1 for all OMC‟s and Part 2 for NRL only

Part 1: Forecasting for all OMC‟s(HPCL,BPCL,NRL,ESSAR,RIL)

(Figures in MT)

YEAR MS HSD
2008 27583.84 122112.96
2009 30,700.82 135,667.50
2010 34,170.01 150,726.60
2011 38,031.22 167,457.25
2012 42,328.75 186,045.00
2013 47,111.89 206,696.00
2014 52,435.54 229,639.25
2015 58,360.75 255,129.21
2016 64,955.52 283,448.55
2017 72,295.49 314,911.34
2018 80,464.88 349,866.50
2019 89,557.42 388,701.68
2020 99,677.40 431,847.57
2021 110,940.95 479,782.65
2022 123,477.28 533,038.53
2023 137,430.21 592,205.80
2024 152,960.61 657,941.54
Part 2: Forecasting for NRL’s sales (Figures in MT)

YEAR MS HSD

2008 11,754.08 57,490.50

2009 13,082.29 63,871.95

2010 14,560.58 70,961.74

2011 16,205.93 78,838.49

2012 18,037.20 87,589.56

2013 20,075.40 97,312.00

2014 22,343.92 108,113.63

2015 24,868.79 120,114.25

2016 27,678.96 133,446.93

2017 30,806.68 148,259.54

2018 34,287.84 164,716.35

2019 38,162.36 182,999.86

2020 42,474.71 203,312.85

2021 47,274.35 225,880.57

2022 52,616.36 250,953.32

2023 58,562.00 278,809.13

2024 65179.51 309756.95

Step 5: Calculation of IRR for the project:

The following factors are considered for calculation of IRR.

 Capital investment in the project = 51.51 crore.

 IRR calculation is done for 15 years by considering NRL‟s transportation cost

saving.

 Operational cost are not considered because-

The operational cost will be the same either we sell the products

from NRL or we sell it from TOP. The only difference is coming in

terms of transportation cost saving from the TOP.

 Other OMC‟s are not considered because of the following reasons:

OMC‟s will pay the same amount for the products whether the buy

it from NRMT or they will buy it from TOP. In case of selling from

TOP NRL has to bear an additional pipeline freight charge for the

same amount of product.

The OMC selling will came into consideration only if they buy more

than that of what they are buying from NRL presently. But as this

not certain, we cannot take it into consideration.

For the calculation of IRR the average TPT costs saved for MS&HSD per RO are

multiplied with the forecasted demand for the respective years to get the income.
Year wise cash-flows for IRR calculation:

NET INCOME
YEAR EXPENDITURE INCOME
(INCOME-EXPENDITURE)
0 2009 515100000 0 -515100000
1 2010 0 35436249.92 35436249.92
2 2011 0 39384330.54 39384330.54
3 2012 0 43772304.34 43772304.34
4 2013 0 48649186.61 48649186.61
5 2014 0 54069454.49 54069454.49
6 2015 0 60093655.64 60093655.64
7 2016 0 66789084.67 66789084.67
8 2017 0 74230535.08 74230535.08
9 2018 0 82501134.89 82501134.89
10 2019 0 91693275.47 91693275.47
11 2020 0 101909643.8 101909643.8
12 2021 0 113264369.9 113264369.9
13 2022 0 125884301.9 125884301.9
14 2023 0 139910423.8 139910423.8
15 2024 0 155499430.1 155499430.1
(Refer annexure-7)

IRR is calculated by using MS-Excel‟s formula and is found to be 10% for the above
cash flows.
2.5 FINDINGS:
During the year 2008 the sales figure for MS & HSD are as follows:

LOCATION ALL OMC’s NRL

(NRL,HPCL,BPCL,RIL,ESSAR)

MS(KL) HSD(KL) MS(KL) HSD(KL)

LOWER ASSAM 22901.2 56557.8 10479 17995

MEGHALAYA 16019.6 91321 6106 51626

TOTAL 38920.8 147878.8 16585 69621

 During 2008 HPCL was leading the MS market in Meghalaya by 51%,

followed by NRL (38%), BPCL (9%) & ESSAR (2%).
 The MS market of Lower Assam was being lead by NRL with 46%, followed
by HPCL (41%), BPCL (11%), RIL (1%) & ESSAR (1%).
 NRL was leading the HSD market of Meghalaya by 57%, followed by HPCL
(32%), BPCL (9%) & ESSAR (2%).
 While HPCL was leading the HSD market of Lower Assam with (57%)
followed by NRL (32%), BPCL (10%) & RIL (1%).
 From the month wise sales figures it is clear that HPCL & NRL are the key
players in both MS & HSD markets of Lower Assam and Meghalaya.
 From the comparative sales figures of January-February-March for
2008&2009 it is clear that sales volume of all OMC‟s has increased in 2009.
 By setting up the TOP NRL can reduce the RTKM distance to the RO‟s of
Meghalaya and Lower Assam by-

o 513.64 kms per RO for Lower Assam

o 385.76 kms per RO for Meghalaya
o 449.70 kms per RO as Average of both the states
  Transportation cost saved from TOP:

Region MS(Rs/MT/RO) HSD(Rs/MT/RO)

Lower Assam 610.84 488.39

Meghalaya 395.77 303.81
Average 503.31 396.10

 The IRR for the project comes out to be 10%. Ideally IRR should be greater
than 0% for a project to be feasible& also the 10% IRR is very close to bank
investment return rate. The project can be chosen over bank investment
because it also covers some other dimensions like employment opportunities
for the locality, more market penetrations for NRL ect. From this we can say
that the project is feasible with the present market conditions.

2.6 SCOPE OF THE PROJECT:

The report is about feasibility of TOP at Hajo. It includes some key issues like
determination of market size, demand forecasting for MS and HSD, total
transportation cost saved by NRL etc. The project includes huge data base of sales
data of RO‟s of Lower Assam and Meghalaya for the year 2008. Anyone who will be
working on Hajo TOP or any work done mention issue will be benefited by the data
and information included in this project.

2.7 LIMITATIONS OF THE PROJECT:

1. The direct customer market could not be covered.

2. A time period of 2 months is not enough to cover all dimensions for this
project.

3. Due to data constraints, forecasting was not done by the growth percentage
of market sale for this regions ie. we have taken the growth percentage of MS
and HSD given by PPAC (Petroleum Products and Analysis Cell) is for whole
country not specifically for North Eastern States.
2.8 RECOMMENDATION:

To maximize the return NRL should try to increase the throughput of the Hajo-TOP.
This can be done by -

Searching geographically & logistically viable markets for Hajo-TOP like

Mizoram, Tripura etc.

NRL should increase the number of RO‟s in Lower Assam and Meghalaya.

Presently BPCL, HPCL, ESSAR & RIL are purchasing products from
Numaligarh Refinery Marketing Terminal (NRMT) of NRL. The material is
sold at the refinery gate and the transportation cost from the supply point to
the retail outlets are borne by the OMC‟s. Once the operation from Hajo
TOP is started these oil companies will prefer to take products for Lower
Assam and Meghalaya region from Hajo TOP. In such a scenario the
transportation cost from NRL to Hajo will be borne by NRL which will be an
added cost compared to the present scenario i.e. why sale to these
companies is not considered in the transportation cost saving analysis.

Sale to the OMC‟s can be considered as a way of enhancement of return

only when there is an overall increase in sales volume in NRMT & Hajo
combine. In such cases the profit coming out of the delta or differential can
be taken as a input in this analysis. However in such cases we also have to
consider additional operational cost (Annexure-8) and Pipe line
transportation cost from NRL to Hajo.
2.9 CONCLUSION:

Setting up a TOP with an investment of Rs 51.5 crores is not a big task for a top

listed PSU like NRL. But whatever the investment it should add value to the

organization. As going with the present marketing conditions it is seen from the

study that setting up a TOP at Hajo is going to be a favorable one as it is giving an

IRR of 9%.The project will be more feasible when NRL will be able to capture the

direct customer market and should ensure that other OMC‟s also buy products from

Hajo for their market but in more quantity then that of they are buying from NRL.

*************
3.1 LIST OF ABBREVIATIONS:

TOP: Tap Off Point

NRL: Numaligarh Refinery Limited

NRMT: Numaligarh Refinery Marketing Terminal

NPSL: Numaligarh Siliguri Pipe Line

OMC: Oil Marketing Company

HPCL: Hindustan Petroleum Cooperation Limited

BCPL: Bharat Petroleum Cooperation Limited

IOCL: Indian Oil Cooperation Limited

RO: Retail Outlet

RTKM: Round Trip Kilo Meter

NES: NRL Energy Station

MS: Motor Sprit

HSD: High Speed Diesel

SKO: Superior Kerosene Oil

ATF: Aviation Turbine Fuel

RPC: Raw Petroleum Coke

CPC: Calcined Petroleum Coke

LPG: Liquefied Petroleum Gas

KL: Kiloliter

MT: Metric tonne

 ANNEXUR 1
3.2 2008 SALES DATA SHEET FOR MEGHALAYA

Data
YEAR MONTH COMPANY Sum of HSD(KL) Sum of MS(KL)
2008 JANUARY BPCL 752 88
ESSAR 444 60
HPCL 2773 600
NRL 5351 492
JANUARY Total 9320 1240
FEBRUARY BPCL 766 92
ESSAR 420 72
HPCL 2717 568
NRL 4982 500
FEBRUARY Total 8885 1232
MARCH BPCL 910 56
ESSAR 120 36
HPCL 2710 604
NRL 5375 592
MARCH Total 9115 1288
APRIL BPCL 992 106
ESSAR 0 0
HPCL 2704 662
NRL 5386 592
APRIL Total 9082 1360
MAY BPCL 872 124
ESSAR 0 0
HPCL 2481 716
NRL 4974 580
MAY Total 8327 1420
JUNE BPCL 434 136
ESSAR 0 0
HPCL 1940 604
NRL 4262 500
JUNE Total 6636 1240
JULY BPCL 412 110
ESSAR 0 0
HPCL 2086 678
NRL 3206 468
JULY Total 5704 1256
 AUGUST BPCL 462 108

ESSAR 0 0
HPCL 1568 746
NRL 2534 402
AUGUST Total 4564 1256
SEPTEMBER BPCL 480 156
ESSAR 0 0
HPCL 2138 768
NRL 3307 437
SEPTEMBER Total 5925 1361
OCTOBER BPCL 729 163
ESSAR 0 0
HPCL 2544 776
NRL 3329 487
OCTOBER Total 6602 1426
NOVEMBER BPCL 812 124
ESSAR 300 48
HPCL 2769 756
NRL 3902 470
NOVEMBER Total 7783 1398
DECEMBER BPCL 899 148.6
ESSAR 864 120
HPCL 2597 688
NRL 5018 586
DECEMBER Total 9378 1542.6
2008 Total 91321 16019.6
Grand Total 91321 16019.6
 ANNEXUR 2
2008 SALES DATA SHEET FOR LOWER ASSAM

Data
Sum of Sum of
STATE YEAR MONTH COMPANY MS(KL) HSD(KL)
ASSAM 2008 JANUARY BPCL 135.6 344.4
ESSAR 12 12
HPCL 743 2356
NRL 879 1157
RIL 132 196
JANUARY Total 1901.6 4065.4
FEBRUARY BPCL 128 376
ESSAR 12 12
HPCL 666 2424
NRL 808 1100
RIL 96 210
FEBRUARY Total 1710 4122
MARCH BPCL 148 338
ESSAR 0 0
HPCL 677 2542
NRL 876 1486
RIL 72 0
MARCHTotal 1773 4366
APRIL BPCL 144 420
ESSAR 0 0
HPCL 756 2464
NRL 1037 1745
RIL 24 0
APRIL Total 1961 4629
MAY BPCL 158 370
ESSAR 0 0
HPCL 920 2460
NRL 949 1567
RIL 0 0
MAY Total 2027 4397
JUNE BPCL 156 312
ESSAR 0 0
HPCL 549 1984
NRL 802 1295
RIL 0 0
JUNE Total 1507 3591
JULY BPCL 250.8 511.2
ESSAR 0 0
HPCL 800 3164
NRL 861 1536
RIL 0 0
JULY Total 1911.8 5211.2
 AUGUST BPCL 213.6 470.4

ESSAR 12 0
HPCL 976 2790
NRL 824 1494
RIL 0 0
AUGUST Total 2025.6 4754.4
SEPTEMBER BPCL 310 632
ESSAR 24 0
HPCL 937 2746
NRL 828 1464
RIL 0 0
SEPTEMBER Total 2099 4842
OCTOBER BPCL 310 632
ESSAR 24 0
HPCL 937 2746
NRL 828 1464
RIL 0 0
OCTOBER Total 2099 4842
NOVEMBER BPCL 264.8 683.2
ESSAR 12 96
HPCL 780 3201
NRL 842 1672
RIL 0 0
NOVEMBER Total 1898.8 5652.2
DECEMBER BPCL 342.4 731.6
ESSAR 12 96
HPCL 688 3243
NRL 945 2015
RIL 0 0
DECEMBER Total 1987.4 6085.6
2008
Total 22901.2 56557.8
2009 JANUARY BPCL 325.6 575.4
ESSAR 48 144
HPCL 887 3699
NRL 969 2032
RIL 0 0
JANUARY Total 2229.6 6450.4
FEBRUARY BPCL 258.8 656
ESSAR 72 156
HPCL 873 4276.5
NRL 1038 2270
RIL 0 0
FEBRUARY Total 2241.8 7358.5
 MARCH BPCL 348 928

ESSAR 60 204
HPCL 1338 4424
NRL 2825.5 1136.5
MARCH
Total 4571.5 6692.5
2009
Total 9042.9 20501.4
ASSAM Total 31944.1 77059.2
 Annexure 3: RTKM Data Sheet Lower Assam

RO RTKM(Plain) total RTKM TOP TO NRL TO RTKM FROM RTKM FROM TOTAL RTKM SAVED
ADABARI RO ADABARI ADABARI TOP RTKM(TOP)

NES Mangaldai 500 500 74 570 NA 92 92 408

NES Jayanagar 550 550 74 570 20 94 94 456
NES Zoo Road 554 554 74 570 16 90 90 464
NES Lokhra Road 557 557 74 570 13 87 87 470
NES Tangla 560 560 74 570 NA 62 62 498
NES Adabari 570 570 74 570 0 74 74 496
NES Baihata Chariali 610 610 74 570 NA 32 32 578
NES Agia 800 800 74 570 NA 230 304 570
NES Srirampur 1140 1140 74 570 NA 570 644 570
NES Chagalia 1152 1152 74 570 NA 582 656 570
NES Kokrajhar 1202 1202 74 570 NA 632 706 570
TOTAL RTKM SAVED 6163.64

513.64
AVERAGE RTKM SAVED PER RO

(All figures in Kilometers)

 Annexure 4: RTKM Data Sheet- Meghalaya

RTKM RTKM TOTAL TOP TO NRL TO RTKM FROM RTKM FROM TOTALRTKM
RO RTKM SAVED
PLAINS HILLS RTKM JORABAT RO JORABAT RO JORABAT TOP (+HILLS)TOP
NES Jorabat 500 0 500 144 500 0 144 144 356
NES Byrnihat 520 0 520 144 500 20 164 164 356
NES Shillongcity2 670 0 670 144 500 170 314 314 356
NES Sanpung 824 0.1 824.1 144 500 324 468 468.1 356
NES Bapung 500 340 840 144 500 0 144 484 356
NES Nangal 694 146 840 144 500 NA 120 266 574
NES Dkhiah 500 358 858 144 500 0 144 502 356
NES Rymbai Road 500 363 863 144 500 0 144 507 356
NES Nongstion 500 370 870 144 500 0 144 514 356
NES Sutunga 500 372 872 144 500 0 144 516 356
NES Byndihati 500 378 878 144 500 0 144 522 356
NES Chiehruphi 500 434 934 144 500 0 144 578 356
NES Borsora 500 470 970 144 500 0 144 614 356
NES Umkiang 500 509 1009 144 500 0 144 653 356
NES Phulbari 500 560 1060 144 500 NA 74 634 426
NES Shangbangla 540 50 590 144 500 40 184 234 356
NES Williamnagar 840 180 1020 144 500 NA 266 446 574
6558
TOTAL RTKM SAVED
AVERAGE RTKM SAVED PER RO 385.76
(All figures in Kilometers)
 Annexure 5 : Transportation cost saving in Lower Assam

RO NRL RTKM TPT COST TOP TRANS COST PIPELINE PIPELINE TOTAL TOTAL TOTAL TRNS TOTAL
RTKM RATE (_×1.192) RTKM FROM FREIGHT FOR FREIGHT COST COST COST SAVED TRNS COST
KM PLAINS Rs KM TOP(PLAIN) MS(RS/KL) FOR MS HSD MS SAVED HSD
RS RS HSD(RS/KL) RS RS
RS RS
NES Mangaldai 500 1.192 596 92 109.664 179.34 208.96 289.00 318.62 307.00 277.38
NES Jayanagar 550 1.192 655.6 94 112.048 179.34 208.96 291.39 321.01 364.21 334.59
NES Zoo Road 554 1.192 660.368 90 107.28 179.34 208.96 286.62 316.24 373.75 344.13
NES Lokhra 557 1.192 663.944 87 103.704 179.34 208.96 283.04 312.66 380.90 351.28
Road
NES Tangla 560 1.192 667.52 62 73.904 179.34 208.96 253.24 282.86 414.28 384.66
NES Adabari 570 1.192 679.44 74 88.208 179.34 208.96 267.55 297.17 411.89 382.27
NES Baihata 610 1.192 727.12 32 38.144 179.34 208.96 217.48 247.10 509.64 480.02
Chariali
NES Agia 800 1.192 953.6 230 274.16 179.34 208.96 453.50 483.12 500.10 470.48
NES Srirampur 1140 1.192 1358.88 570 679.44 179.34 208.96 858.78 888.40 500.10 470.48
NES Chagalia 1152 1.192 1373.184 582 693.744 179.34 208.96 873.08 902.70 500.10 470.48
NES Kokrajhar 1202 1.192 1432.784 632 753.344 179.34 208.96 932.68 962.30 500.10 470.48
Rs/KL 432.91 403.30
AVERAGE TRANSPORTATION COST SAVED PER RO Rs/MT 610.84 488.39
 Annexure 6 : Transportation cost saving in Meghalaya

RO RTKM RTKM TRANS RTKM TRANS COST PIPELINE PIPELINE TOTAL TOTAL TOTAL TOTAL
PLAINS(NRL) RATE COST FROM FROM FREIGHT FOR FREIGHT FOR COST MS COST HSD TRNS TRNS
KM PLAINS RS TOP TOP(PLAIN) MS(RS/KL) HSD(RS/KL) RS RS COST COST
RS KM RS SAVED MS SAVED
RS HSD
RS
NES Jorabat 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Byrnihat 520 1.192 619.84 164 195.488 179.34 208.96 374.83 404.45 245.01 215.39
NES 670 1.192 798.64 314 374.288 179.34 208.96 553.63 583.25 245.01 215.39
Shillongcity2
NES Sanpung 824 1.192 982.208 468 557.856 179.34 208.96 737.20 766.82 245.01 215.39
NES Bapung 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Nangal 694 1.192 827.248 120 143.04 179.34 208.96 322.38 352.00 504.87 475.25
NES Dkhiah 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Rymbai 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
Road
NES Nongstion 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Sutunga 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Byndihati 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Chiehruphi 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Borsora 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Umkiang 500 1.192 596 144 171.648 179.34 208.96 350.99 380.61 245.01 215.39
NES Phulbari 500 1.192 596 74 88.208 179.34 208.96 267.55 297.17 328.45 298.83
NES 540 1.192 643.68 184 219.328 179.34 208.96 398.67 428.29 245.01 215.39
Shangbangla
NES 840 1.192 1001.28 266 317.072 179.34 208.96 496.41 526.03 504.87 475.25
Williamnagar
AVERAGE TRANSPORTATION COST SAVED PER RO Rs/KL 280.49 250.87
Rs/MT 395.77 303.81
 Annexure 7:
Calculation of income for IRR:

YEAR MS(MT) HSD(MT) TPT TPT INCOME INCOME TOTAL

COST COST FROM FROM INCOME
SAVED SAVED MS HSD
MS HSD (TPT COST (TPT COST
Rs/MT Rs/MT SAVED×MS) SAVED×HSD)

Rs Rs Rs
2010 14560.58 70961.74 503.31 396.10 7328440 28107810.12 35436249.92
2011 16205.93 78838.49 503.31 396.10 8156553 31227777.04 39384330.54
2012 18037.20 87589.56 503.31 396.10 9078244 34694060.29 43772304.34
2013 20075.40 97312.00 503.31 396.10 10104086 38545100.98 48649186.61
2014 22343.92 108113.63 503.31 396.10 11245847 42823607.19 54069454.49
2015 24868.79 120114.25 503.31 396.10 12516628 47577027.59 60093655.64
2016 27678.96 133446.93 503.31 396.10 13931007 52858077.66 66789084.67
2017 30806.68 148259.54 503.31 396.10 15505211 58725324.28 74230535.08
2018 34287.84 164716.35 503.31 396.10 17257300 65243835.27 82501134.89
2019 38162.36 182999.86 503.31 396.10 19207374 72485900.98 91693275.47
2020 42474.71 203312.85 503.31 396.10 21377808 80531835.99 101909643.8
2021 47274.35 225880.57 503.31 396.10 23793500 89470869.79 113264369.9
2022 52616.36 250953.32 503.31 396.10 26482166 99402136.34 125884301.9
2023 58562.00 278809.13 503.31 396.10 29474650 110435773.5 139910423.8
2024 65179.51 309756.95 503.31 396.10 32805286 122694144.3 155499430.1
 Annexure: 8

Pipeline freight = 75% of Railway base freight

The Railway based freight for MS and HSD for 247.5 KM = 337.4 Rs /MT

Therefore Pipeline freight = 37.4 x 75% = 253.05 Rs/MT

Converting into Rs/KL

For MS = 253.05 / 1.411 = 179.34 Rs / KL

For HSD = 253.05/1.211 = 208.96 Rs /KL

Annexure 9

OPERATIONAL COST/MT

PRODUCTION-EVACUATION FOR 2008-2009

MATERIAL PRODUCTION EVAQUATION UNIT

MS 265,639.23 260,537.36 MT
HSD 1,387,995.14 1,347,051.42 MT
TOTAL 1,653,634.37 1,607,588.78 MT

OPERATING EXPENSES OF NRMT IN 2008-09(RS)

347,050,666.00

OPERATING COST OF PER MT OF PRODUCED UNIT (RS/MT)

(347,050,666/1,653,634.37
209.87
 Annexure – 10: Rail way freight charges 2006-07

FREIGHT RATES PER TONNE

Class Class Class- Class- Class- Class- Class Class Class Class Class Class Class Class Class Class Class Class
Distance -LR5 -LR4 LR3 LR2 LR1 100 -110 -120 -130 -140 -150 -160 -170 -180 -190 -200 -210 -220

(Kilometres
) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)
SL
NO From To 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
1 1 100 41.7 50 58.4 66.7 75.1 83.4 91.7 100.1 108.4 116.8 125.1 133.4 141.8 150.1 158.5 166.8 175.1 183.5
2 101 110 44.9 53.8 62.8 71.8 80.7 89.7 98.7 107.6 116.6 125.6 134.6 143.5 152.5 161.5 170.4 179.4 188.4 197.3
3 111 120 47.9 57.5 67.1 76.6 86.2 95.8 105.4 115 124.5 134.1 143.7 153.3 162.9 172.4 182 191.6 201.2 210.8
4 121 130 50.9 61.1 71.3 81.4 91.6 101.8 112 122.2 132.3 142.5 152.7 162.9 173.1 183.2 193.4 203.6 213.8 224
5 131 140 53.9 64.6 75.4 86.2 96.9 107.7 118.5 129.2 140 150.8 161.6 172.3 183.1 193.9 204.6 215.4 226.2 236.9
6 141 150 56.8 68.1 79.5 90.8 102.2 113.5 124.9 136.2 147.6 158.9 170.3 181.6 193 204.3 215.7 227 238.4 249.7
7 151 160 59.6 71.5 83.4 95.4 107.3 119.2 131.1 143 155 166.9 178.8 190.7 202.6 214.6 226.5 238.4 250.3 262.2
8 161 170 62.4 74.9 87.4 99.8 112.3 124.8 137.3 149.8 162.2 174.7 187.2 199.7 212.2 224.6 237.1 249.6 262.1 274.6
9 171 180 65.2 78.2 91.2 104.2 117.3 130.3 143.3 156.4 169.4 182.4 195.5 208.5 221.5 234.5 247.6 260.6 273.6 286.7
10 181 190 67.9 81.4 95 108.6 122.1 135.7 149.3 162.8 176.4 190 203.6 217.1 230.7 244.3 257.8 271.4 285 298.5
11 191 200 70.6 84.7 98.8 112.9 127 141.1 155.2 169.3 183.4 197.5 211.7 225.8 239.9 254 268.1 282.2 296.3 310.4
12 201 210 73.4 88 102.7 117.4 132 146.7 161.4 176 190.7 205.4 220.1 234.7 249.4 264.1 278.7 293.4 308.1 322.7
13 211 220 76.2 91.4 106.6 121.8 137.1 152.3 167.5 182.8 198 213.2 228.5 243.7 258.9 274.1 289.4 304.6 319.8 335.1
14 221 230 78.9 94.7 110.5 126.2 142 157.8 173.6 189.4 205.1 220.9 236.7 252.5 268.3 284 299.8 315.6 331.4 347.2
15 231 240 81.7 98 114.3 130.6 147 163.3 179.6 196 212.3 228.6 245 261.3 277.6 293.9 310.3 326.6 342.9 359.3
16 241 250 84.4 101.2 118.1 135 151.8 168.7 185.6 202.4 219.3 236.2 253.1 269.9 286.8 303.7 320.5 337.4 354.3 371.1
17 251 260 87.2 104.6 122.1 139.5 157 174.4 191.8 209.3 226.7 244.2 261.6 279 296.5 313.9 331.4 348.8 366.2 383.7
18 261 270 90 108 126 144 162 180 198 216 234 252 270 288 306 324 342 360 378 396
19 271 280 92.8 111.4 129.9 148.5 167 185.6 204.2 222.7 241.3 259.8 278.4 297 315.5 334.1 352.6 371.2 389.8 408.3
20 281 290 95.6 114.7 133.8 153 172.1 191.2 210.3 229.4 248.6 267.7 286.8 305.9 325 344.2 363.3 382.4 401.5 420.6
21 291 300 98.4 118 137.7 157.4 177 196.7 216.4 236 255.7 275.4 295.1 314.7 334.4 354.1 373.7 393.4 413.1 432.7
22 301 310 101.1 121.3 141.5 161.8 182 202.2 222.4 242.6 262.9 283.1 303.3 323.5 343.7 364 384.2 404.4 424.6 444.8
23 311 320 103.9 124.6 145.4 166.2 186.9 207.7 228.5 249.2 270 290.8 311.6 332.3 353.1 373.9 394.6 415.4 436.2 456.9
24 321 330 106.6 127.9 149.2 170.6 191.9 213.2 234.5 255.8 277.2 298.5 319.8 341.1 362.4 383.8 405.1 426.4 447.7 469
25 331 340 109.3 131.2 153 174.9 196.7 218.6 240.5 262.3 284.2 306 327.9 349.8 371.6 393.5 415.3 437.2 459.1 480.9
26 341 350 112 134.4 156.8 179.2 201.6 224 246.4 268.8 291.2 313.6 336 358.4 380.8 403.2 425.6 448 470.4 492.8
27 351 360 114.8 137.8 160.7 183.7 206.6 229.6 252.6 275.5 298.5 321.4 344.4 367.4 390.3 413.3 436.2 459.2 482.2 505.1
28 361 370 117.6 141.1 164.6 188.2 211.7 235.2 258.7 282.2 305.8 329.3 352.8 376.3 399.8 423.4 446.9 470.4 493.9 517.4
29 371 380 120.4 144.5 168.6 192.6 216.7 240.8 264.9 289 313 337.1 361.2 385.3 409.4 433.4 457.5 481.6 505.7 529.8
30 381 390 123.2 147.8 172.5 197.1 221.8 246.4 271 295.7 320.3 345 369.6 394.2 418.9 443.5 468.2 492.8 517.4 542.1
31 391 400 126 151.2 176.4 201.6 226.8 252 277.2 302.4 327.6 352.8 378 403.2 428.4 453.6 478.8 504 529.2 554.4
32 401 410 128.9 154.6 180.4 206.2 231.9 257.7 283.5 309.2 335 360.8 386.6 412.3 438.1 463.9 489.6 515.4 541.2 566.9
33 411 420 131.7 158 184.4 210.7 237.1 263.4 289.7 316.1 342.4 368.8 395.1 421.4 447.8 474.1 500.5 526.8 553.1 579.5
34 421 430 134.5 161.4 188.3 215.2 242.1 269 295.9 322.8 349.7 376.6 403.5 430.4 457.3 484.2 511.1 538 564.9 591.8
35 431 440 137.3 164.8 192.2 219.7 247.1 274.6 302.1 329.5 357 384.4 411.9 439.4 466.8 494.3 521.7 549.2 576.7 604.1
36 441 450 140.1 168.1 196.1 224.2 252.2 280.2 308.2 336.2 364.3 392.3 420.3 448.3 476.3 504.4 532.4 560.4 588.4 616.4
37 451 460 142.9 171.5 200.1 228.6 257.2 285.8 314.4 343 371.5 400.1 428.7 457.3 485.9 514.4 543 571.6 600.2 628.8
38 461 470 145.7 174.8 204 233.1 262.3 291.4 320.5 349.7 378.8 408 437.1 466.2 495.4 524.5 553.7 582.8 611.9 641.1
39 471 480 148.5 178.2 207.9 237.6 267.3 297 326.7 356.4 386.1 415.8 445.5 475.2 504.9 534.6 564.3 594 623.7 653.4
40 481 490 151.3 181.6 211.8 242.1 272.3 302.6 332.9 363.1 393.4 423.6 453.9 484.2 514.4 544.7 574.9 605.2 635.5 665.7
41 491 500 154.1 184.9 215.7 246.6 277.4 308.2 339 369.8 400.7 431.5 462.3 493.1 523.9 554.8 585.6 616.4 647.2 678
42 501 510 157 188.4 219.8 251.2 282.6 314 345.4 376.8 408.2 439.6 471 502.4 533.8 565.2 596.6 628 659.4 690.8
43 511 520 159.9 191.9 223.9 255.8 287.8 319.8 351.8 383.8 415.7 447.7 479.7 511.7 543.7 575.6 607.6 639.6 671.6 703.6
44 521 530 162.8 195.4 227.9 260.5 293 325.6 358.2 390.7 423.3 455.8 488.4 521 553.5 586.1 618.6 651.2 683.8 716.3
45 531 540 165.7 198.8 232 265.1 298.3 331.4 364.5 397.7 430.8 464 497.1 530.2 563.4 596.5 629.7 662.8 695.9 729.1
46 541 550 168.6 202.3 236 269.8 303.5 337.2 370.9 404.6 438.4 472.1 505.8 539.5 573.2 607 640.7 674.4 708.1 741.8
47 551 560 171.5 205.8 240.1 274.4 308.7 343 377.3 411.6 445.9 480.2 514.5 548.8 583.1 617.4 651.7 686 720.3 754.6
48 561 570 174.4 209.3 244.2 279 313.9 348.8 383.7 418.6 453.4 488.3 523.2 558.1 593 627.8 662.7 697.6 732.5 767.4
49 571 580 177.3 212.8 248.2 283.7 319.1 354.6 390.1 425.5 461 496.4 531.9 567.4 602.8 638.3 673.7 709.2 744.7 780.1
50 581 590 180.2 216.2 252.2 288.2 324.3 360.3 396.3 432.4 468.4 504.4 540.5 576.5 612.5 648.5 684.6 720.6 756.6 792.7
51 591 600 183 219.6 256.2 292.8 329.4 366 402.6 439.2 475.8 512.4 549 585.6 622.2 658.8 695.4 732 768.6 805.2
52 601 610 185.9 223 260.2 297.4 334.5 371.7 408.9 446 483.2 520.4 557.6 594.7 631.9 669.1 706.2 743.4 780.6 817.7
53 611 620 188.7 226.4 264.2 301.9 339.7 377.4 415.1 452.9 490.6 528.4 566.1 603.8 641.6 679.3 717.1 754.8 792.5 830.3
54 621 630 191.6 229.9 268.2 306.5 344.8 383.1 421.4 459.7 498 536.3 574.7 613 651.3 689.6 727.9 766.2 804.5 842.8
55 631 640 194.4 233.3 272.2 311 349.9 388.8 427.7 466.6 505.4 544.3 583.2 622.1 661 699.8 738.7 777.6 816.5 855.4
56 641 650 197.3 236.7 276.2 315.6 355.1 394.5 434 473.4 512.9 552.3 591.8 631.2 670.7 710.1 749.6 789 828.5 867.9
57 651 660 200.1 240.1 280.1 320.2 360.2 400.2 440.2 480.2 520.3 560.3 600.3 640.3 680.3 720.4 760.4 800.4 840.4 880.4
58 661 670 203 243.5 284.1 324.7 365.3 405.9 446.5 487.1 527.7 568.3 608.9 649.4 690 730.6 771.2 811.8 852.4 893
59 671 680 205.8 247 288.1 329.3 370.4 411.6 452.8 493.9 535.1 576.2 617.4 658.6 699.7 740.9 782 823.2 864.4 905.5
60 681 690 208.7 250.4 292.1 333.8 375.6 417.3 459 500.8 542.5 584.2 626 667.7 709.4 751.1 792.9 834.6 876.3 918.1
61 691 700 211.5 253.8 296.1 338.4 380.7 423 465.3 507.6 549.9 592.2 634.5 676.8 719.1 761.4 803.7 846 888.3 930.6
62 701 710 214.4 257.2 300.1 343 385.8 428.7 471.6 514.4 557.3 600.2 643.1 685.9 728.8 771.7 814.5 857.4 900.3 943.1
63 711 720 217.2 260.6 304.1 347.5 391 434.4 477.8 521.3 564.7 608.2 651.6 695 738.5 781.9 825.4 868.8 912.2 955.7
64 721 730 220.1 264.1 308.1 352.1 396.1 440.1 484.1 528.1 572.1 616.1 660.2 704.2 748.2 792.2 836.2 880.2 924.2 968.2
65 731 740 222.9 267.5 312.1 356.6 401.2 445.8 490.4 535 579.5 624.1 668.7 713.3 757.9 802.4 847 891.6 936.2 980.8
66 741 750 225.8 270.9 316.1 361.2 406.4 451.5 496.7 541.8 587 632.1 677.3 722.4 767.6 812.7 857.9 903 948.2 993.3
67 751 760 228.6 274.3 320 365.8 411.5 457.2 502.9 548.6 594.4 640.1 685.8 731.5 777.2 823 868.7 914.4 960.1 1005.8
68 761 770 231.5 277.7 324 370.3 416.6 462.9 509.2 555.5 601.8 648.1 694.4 740.6 786.9 833.2 879.5 925.8 972.1 1018.4
69 771 780 234.3 281.2 328 374.9 421.7 468.6 515.5 562.3 609.2 656 702.9 749.8 796.6 843.5 890.3 937.2 984.1 1030.9
70 781 790 237.1 284.5 331.9 379.4 426.8 474.2 521.6 569 616.5 663.9 711.3 758.7 806.1 853.6 901 948.4 995.8 1043.2
71 791 800 239.9 287.9 335.9 383.8 431.8 479.8 527.8 575.8 623.7 671.7 719.7 767.7 815.7 863.6 911.6 959.6 1007.6 1055.6
72 801 825 247 296.3 345.7 395.1 444.5 493.9 543.3 592.7 642.1 691.5 740.9 790.2 839.6 889 938.4 987.8 1037.2 1086.6
73 826 850 254 304.8 355.6 406.4 457.2 508 558.8 609.6 660.4 711.2 762 812.8 863.6 914.4 965.2 1016 1066.8 1117.6
74 851 875 261 313.2 365.4 417.6 469.8 522 574.2 626.4 678.6 730.8 783 835.2 887.4 939.6 991.8 1044 1096.2 1148.4
75 876 900 268 321.6 375.2 428.8 482.4 536 589.6 643.2 696.8 750.4 804 857.6 911.2 964.8 1018.4 1072 1125.6 1179.2
76 901 925 275 330 385 440 495 550 605 660 715 770 825 880 935 990 1045 1100 1155 1210
77 926 950 282 338.4 394.8 451.2 507.6 564 620.4 676.8 733.2 789.6 846 902.4 958.8 1015.2 1071.6 1128 1184.4 1240.8
78 951 975 289 346.8 404.6 462.4 520.2 578 635.8 693.6 751.4 809.2 867 924.8 982.6 1040.4 1098.2 1156 1213.8 1271.6
79 976 1000 296 355.1 414.3 473.5 532.7 591.9 651.1 710.3 769.5 828.7 887.9 947 1006.2 1065.4 1124.6 1183.8 1243 1302.2
80 1001 1025 303.1 363.7 424.3 484.9 545.5 606.1 666.7 727.3 787.9 848.5 909.2 969.8 1030.4 1091 1151.6 1212.2 1272.8 1333.4
81 1026 1050 310.2 372.2 434.2 496.2 558.3 620.3 682.3 744.4 806.4 868.4 930.5 992.5 1054.5 1116.5 1178.6 1240.6 1302.6 1364.7
82 1051 1075 317.3 380.7 444.2 507.6 571.1 634.5 698 761.4 824.9 888.3 951.8 1015.2 1078.7 1142.1 1205.6 1269 1332.5 1395.9
83 1076 1100 324.4 389.2 454.1 519 583.8 648.7 713.6 778.4 843.3 908.2 973.1 1037.9 1102.8 1167.7 1232.5 1297.4 1362.3 1427.1
84 1101 1125 331.5 397.7 464 530.3 596.6 662.9 729.2 795.5 861.8 928.1 994.4 1060.6 1126.9 1193.2 1259.5 1325.8 1392.1 1458.4
85 1126 1150 338.5 406.2 473.9 541.6 609.3 677 744.7 812.4 880.1 947.8 1015.5 1083.2 1150.9 1218.6 1286.3 1354 1421.7 1489.4
86 1151 1175 345.6 414.7 483.8 552.9 622 691.1 760.2 829.3 898.4 967.5 1036.7 1105.8 1174.9 1244 1313.1 1382.2 1451.3 1520.4
87 1176 1200 352.6 423.1 493.6 564.2 634.7 705.2 775.7 846.2 916.8 987.3 1057.8 1128.3 1198.8 1269.4 1339.9 1410.4 1480.9 1551.4
88 1201 1225 359.7 431.6 503.5 575.4 647.4 719.3 791.2 863.2 935.1 1007 1079 1150.9 1222.8 1294.7 1366.7 1438.6 1510.5 1582.5
89 1226 1250 366.7 440 513.4 586.7 660.1 733.4 806.7 880.1 953.4 1026.8 1100.1 1173.4 1246.8 1320.1 1393.5 1466.8 1540.1 1613.5
90 1251 1275 373.8 448.5 523.3 598 672.8 747.5 822.3 897 971.8 1046.5 1121.3 1196 1270.8 1345.5 1420.3 1495 1569.8 1644.5
91 1276 1300 380.8 457 533.1 609.3 685.4 761.6 837.8 913.9 990.1 1066.2 1142.4 1218.6 1294.7 1370.9 1447 1523.2 1599.4 1675.5
92 1301 1325 387.9 465.4 543 620.6 698.1 775.7 853.3 930.8 1008.4 1086 1163.6 1241.1 1318.7 1396.3 1473.8 1551.4 1629 1706.5
93 1326 1350 394.9 473.9 552.9 631.8 710.8 789.8 868.8 947.8 1026.7 1105.7 1184.7 1263.7 1342.7 1421.6 1500.6 1579.6 1658.6 1737.6
94 1351 1375 401.9 482.3 562.7 643 723.4 803.8 884.2 964.6 1044.9 1125.3 1205.7 1286.1 1366.5 1446.8 1527.2 1607.6 1688 1768.4
95 1376 1400 408.9 490.7 572.5 654.2 736 817.8 899.6 981.4 1063.1 1144.9 1226.7 1308.5 1390.3 1472 1553.8 1635.6 1717.4 1799.2
96 1401 1425 415.9 499.1 582.3 665.4 748.6 831.8 915 998.2 1081.3 1164.5 1247.7 1330.9 1414.1 1497.2 1580.4 1663.6 1746.8 1830
97 1426 1450 422.9 507.5 592.1 676.6 761.2 845.8 930.4 1015 1099.5 1184.1 1268.7 1353.3 1437.9 1522.4 1607 1691.6 1776.2 1860.8
98 1451 1475 429.9 515.9 601.9 687.8 773.8 859.8 945.8 1031.8 1117.7 1203.7 1289.7 1375.7 1461.7 1547.6 1633.6 1719.6 1805.6 1891.6
99 1476 1500 436.9 524.3 611.7 699 786.4 873.8 961.2 1048.6 1135.9 1223.3 1310.7 1398.1 1485.5 1572.8 1660.2 1747.6 1835 1922.4
100 1501 1525 443.3 532 620.6 709.3 797.9 886.6 975.3 1063.9 1152.6 1241.2 1329.9 1418.6 1507.2 1595.9 1684.5 1773.2 1861.9 1950.5
101 1526 1550 449.7 539.6 629.6 719.5 809.5 899.4 989.3 1079.3 1169.2 1259.2 1349.1 1439 1529 1618.9 1708.9 1798.8 1888.7 1978.7
102 1551 1575 456.1 547.3 638.5 729.8 821 912.2 1003.4 1094.6 1185.9 1277.1 1368.3 1459.5 1550.7 1642 1733.2 1824.4 1915.6 2006.8
103 1576 1600 462.5 554.9 647.4 739.9 832.4 924.9 1017.4 1109.9 1202.4 1294.9 1387.4 1479.8 1572.3 1664.8 1757.3 1849.8 1942.3 2034.8
104 1601 1625 468.8 562.6 656.3 750.1 843.8 937.6 1031.4 1125.1 1218.9 1312.6 1406.4 1500.2 1593.9 1687.7 1781.4 1875.2 1969 2062.7
105 1626 1650 475.2 570.2 665.2 760.2 855.3 950.3 1045.3 1140.4 1235.4 1330.4 1425.5 1520.5 1615.5 1710.5 1805.6 1900.6 1995.6 2090.7
106 1651 1675 481.5 577.8 674.1 770.4 866.7 963 1059.3 1155.6 1251.9 1348.2 1444.5 1540.8 1637.1 1733.4 1829.7 1926 2022.3 2118.6
107 1676 1700 487.8 585.4 682.9 780.5 878 975.6 1073.2 1170.7 1268.3 1365.8 1463.4 1561 1658.5 1756.1 1853.6 1951.2 2048.8 2146.3
108 1701 1725 493.9 592.6 691.4 790.2 888.9 987.7 1086.5 1185.2 1284 1382.8 1481.6 1580.3 1679.1 1777.9 1876.6 1975.4 2074.2 2172.9
109 1726 1750 499.9 599.8 699.8 799.8 899.7 999.7 1099.7 1199.6 1299.6 1399.6 1499.6 1599.5 1699.5 1799.5 1899.4 1999.4 2099.4 2199.3
110 1751 1775 505.9 607 708.2 809.4 910.5 1011. 1112.9 1214 1315.2 1416.4 1517.6 1618.7 1719.9 1821.1 1922.2 2023.4 2124.6 2225.7
 7
1023.
111 1776 1800 511.9 614.2 716.6 819 921.3 7 1126.1 1228.4 1330.8 1433.2 1535.6 1637.9 1740.3 1842.7 1945 2047.4 2149.8 2252.1
1032.
112 1801 1825 516.5 619.7 723 826.3 929.6 9 1136.2 1239.5 1342.8 1446.1 1549.4 1652.6 1755.9 1859.2 1962.5 2065.8 2169.1 2272.4
1042.
113 1826 1850 521.1 625.3 729.5 833.7 937.9 1 1146.3 1250.5 1354.7 1458.9 1563.2 1667.4 1771.6 1875.8 1980 2084.2 2188.4 2292.6
1051.
114 1851 1875 525.7 630.8 735.9 841 946.2 3 1156.4 1261.6 1366.7 1471.8 1577 1682.1 1787.2 1892.3 1997.5 2102.6 2207.7 2312.9
1060.
115 1876 1900 530.2 636.2 742.3 848.3 954.4 4 1166.4 1272.5 1378.5 1484.6 1590.6 1696.6 1802.7 1908.7 2014.8 2120.8 2226.8 2332.9
1069.
116 1901 1925 534.8 641.7 748.7 855.6 962.6 5 1176.5 1283.4 1390.4 1497.3 1604.3 1711.2 1818.2 1925.1 2032.1 2139 2246 2352.9
1078.
117 1926 1950 539.3 647.1 755 862.8 970.7 5 1186.4 1294.2 1402.1 1509.9 1617.8 1725.6 1833.5 1941.3 2049.2 2157 2264.9 2372.7
1087.
118 1951 1975 543.8 652.5 761.3 870 978.8 5 1196.3 1305 1413.8 1522.5 1631.3 1740 1848.8 1957.5 2066.3 2175 2283.8 2392.5
1096.
119 1976 2000 548.2 657.8 767.5 877.1 986.8 4 1206 1315.7 1425.3 1535 1644.6 1754.2 1863.9 1973.5 2083.2 2192.8 2302.4 2412.1
1104.
120 2001 2025 552.1 662.5 772.9 883.4 993.8 2 1214.6 1325 1435.5 1545.9 1656.3 1766.7 1877.1 1987.6 2098 2208.4 2318.8 2429.2
1000.
121 2026 2050 556 667.2 778.4 889.6 8 1112 1223.2 1334.4 1445.6 1556.8 1668 1779.2 1890.4 2001.6 2112.8 2224 2335.2 2446.4
1007. 1119.
122 2051 2075 559.9 671.8 783.8 895.8 7 7 1231.7 1343.6 1455.6 1567.6 1679.6 1791.5 1903.5 2015.5 2127.4 2239.4 2351.4 2463.3
1014. 1127.
123 2076 2100 563.7 676.4 789.2 901.9 7 4 1240.1 1352.9 1465.6 1578.4 1691.1 1803.8 1916.6 2029.3 2142.1 2254.8 2367.5 2480.3
1021. 1135.
124 2101 2125 567.6 681.1 794.6 908.1 6 1 1248.6 1362.1 1475.6 1589.1 1702.7 1816.2 1929.7 2043.2 2156.7 2270.2 2383.7 2497.2
1028. 1142.
125 2126 2150 571.4 685.6 799.9 914.2 4 7 1257 1371.2 1485.5 1599.8 1714.1 1828.3 1942.6 2056.9 2171.1 2285.4 2399.7 2513.9
1035. 1150.
126 2151 2175 575.2 690.2 805.2 920.2 3 3 1265.3 1380.4 1495.4 1610.4 1725.5 1840.5 1955.5 2070.5 2185.6 2300.6 2415.6 2530.7
1157.
127 2176 2200 578.9 694.7 810.5 926.2 1042 8 1273.6 1389.4 1505.1 1620.9 1736.7 1852.5 1968.3 2084 2199.8 2315.6 2431.4 2547.2
1048. 1165.
128 2201 2225 582.7 699.2 815.7 932.2 8 3 1281.8 1398.4 1514.9 1631.4 1748 1864.5 1981 2097.5 2214.1 2330.6 2447.1 2563.7
1055. 1172.
129 2226 2250 586.4 703.7 821 938.2 5 8 1290.1 1407.4 1524.6 1641.9 1759.2 1876.5 1993.8 2111 2228.3 2345.6 2462.9 2580.2
1062. 1180.
130 2251 2275 590.1 708.1 826.1 944.2 2 2 1298.2 1416.2 1534.3 1652.3 1770.3 1888.3 2006.3 2124.4 2242.4 2360.4 2478.4 2596.4
1068. 1187.
131 2276 2300 593.8 712.6 831.3 950.1 8 6 1306.4 1425.1 1543.9 1662.6 1781.4 1900.2 2018.9 2137.7 2256.4 2375.2 2494 2612.7
1075.
132 2301 2325 597.5 717 836.5 956 5 1195 1314.5 1434 1553.5 1673 1792.5 1912 2031.5 2151 2270.5 2390 2509.5 2629
1082. 1202.
133 2326 2350 601.2 721.4 841.6 961.8 1 3 1322.5 1442.8 1563 1683.2 1803.5 1923.7 2043.9 2164.1 2284.4 2404.6 2524.8 2645.1
1088. 1209.
134 2351 2375 604.8 725.8 846.7 967.7 6 6 1330.6 1451.5 1572.5 1693.4 1814.4 1935.4 2056.3 2177.3 2298.2 2419.2 2540.2 2661.1
1095. 1216.
135 2376 2400 608.5 730.1 851.8 973.5 2 9 1338.6 1460.3 1582 1703.7 1825.4 1947 2068.7 2190.4 2312.1 2433.8 2555.5 2677.2
 1101. 1224.
136 2401 2425 612.1 734.5 856.9 979.3 7 1 1346.5 1468.9 1591.3 1713.7 1836.2 1958.6 2081 2203.4 2325.8 2448.2 2570.6 2693
1108. 1231.
137 2426 2450 615.7 738.8 861.9 985 2 3 1354.4 1477.6 1600.7 1723.8 1847 1970.1 2093.2 2216.3 2339.5 2462.6 2585.7 2708.9
1114. 1238.
138 2451 2475 619.3 743.1 867 990.8 7 5 1362.4 1486.2 1610.1 1733.9 1857.8 1981.6 2105.5 2229.3 2353.2 2477 2600.9 2724.7
1245.
139 2476 2500 622.8 747.4 871.9 996.5 1121 6 1370.2 1494.7 1619.3 1743.8 1868.4 1993 2117.5 2242.1 2366.6 2491.2 2615.8 2740.3
1128. 1253.
140 2501 2525 626.9 752.2 877.6 1003 3 7 1379.1 1504.4 1629.8 1755.2 1880.6 2005.9 2131.3 2256.7 2382 2507.4 2632.8 2758.1
1009. 1135. 1261.
141 2526 2550 630.9 757.1 883.3 4 6 8 1388 1514.2 1640.3 1766.5 1892.7 2018.9 2145.1 2271.2 2397.4 2523.6 2649.8 2776
1015. 1142. 1269.
142 2551 2575 634.9 761.9 888.9 8 8 8 1396.8 1523.8 1650.7 1777.7 1904.7 2031.7 2158.7 2285.6 2412.6 2539.6 2666.6 2793.6
1022. 1277.
143 2576 2600 638.9 766.7 894.5 2 1150 8 1405.6 1533.4 1661.1 1788.9 1916.7 2044.5 2172.3 2300 2427.8 2555.6 2683.4 2811.2
1028. 1157. 1285.
144 2601 2625 642.9 771.5 900.1 6 2 8 1414.4 1543 1671.5 1800.1 1928.7 2057.3 2185.9 2314.4 2443 2571.6 2700.2 2828.8
1164. 1293.
145 2626 2650 646.9 776.3 905.7 1035 4 8 1423.2 1552.6 1681.9 1811.3 1940.7 2070.1 2199.5 2328.8 2458.2 2587.6 2717 2846.4
1041. 1171. 1301.
146 2651 2675 650.9 781 911.2 4 5 7 1431.9 1562 1692.2 1822.4 1952.6 2082.7 2212.9 2343.1 2473.2 2603.4 2733.6 2863.7
1047. 1178. 1309.
147 2676 2700 654.8 785.8 916.7 7 6 6 1440.6 1571.5 1702.5 1833.4 1964.4 2095.4 2226.3 2357.3 2488.2 2619.2 2750.2 2881.1
1185. 1317.
148 2701 2725 658.8 790.5 922.3 1054 8 5 1449.3 1581 1712.8 1844.5 1976.3 2108 2239.8 2371.5 2503.3 2635 2766.8 2898.5
1060. 1192. 1325.
149 2726 2750 662.7 795.2 927.8 3 9 4 1457.9 1590.5 1723 1855.6 1988.1 2120.6 2253.2 2385.7 2518.3 2650.8 2783.3 2915.9
1066. 1199. 1333.
150 2751 2775 666.6 799.9 933.2 6 9 2 1466.5 1599.8 1733.2 1866.5 1999.8 2133.1 2266.4 2399.8 2533.1 2666.4 2799.7 2933
1072. 1206.
151 2776 2800 670.5 804.6 938.7 8 9 1341 1475.1 1609.2 1743.3 1877.4 2011.5 2145.6 2279.7 2413.8 2547.9 2682 2816.1 2950.2
1213. 1348.
152 2801 2825 674.4 809.3 944.2 1079 9 8 1483.7 1618.6 1753.4 1888.3 2023.2 2158.1 2293 2427.8 2562.7 2697.6 2832.5 2967.4
1085. 1220. 1356.
153 2826 2850 678.3 814 949.6 3 9 6 1492.3 1627.9 1763.6 1899.2 2034.9 2170.6 2306.2 2441.9 2577.5 2713.2 2848.9 2984.5
1091. 1227. 1364.
154 2851 2875 682.2 818.6 955 4 9 3 1500.7 1637.2 1773.6 1910 2046.5 2182.9 2319.3 2455.7 2592.2 2728.6 2865 3001.5
1097. 1234.
155 2876 2900 686 823.2 960.4 6 8 1372 1509.2 1646.4 1783.6 1920.8 2058 2195.2 2332.4 2469.6 2606.8 2744 2881.2 3018.4
1103. 1241. 1379.
156 2901 2925 689.9 827.8 965.8 8 7 7 1517.7 1655.6 1793.6 1931.6 2069.6 2207.5 2345.5 2483.5 2621.4 2759.4 2897.4 3035.3
1109. 1248. 1387.
157 2926 2950 693.7 832.4 971.2 9 7 4 1526.1 1664.9 1803.6 1942.4 2081.1 2219.8 2358.6 2497.3 2636.1 2774.8 2913.5 3052.3
1255.
158 2951 2975 697.5 837 976.5 1116 5 1395 1534.5 1674 1813.5 1953 2092.5 2232 2371.5 2511 2650.5 2790 2929.5 3069
1122. 1262. 1402.
159 2976 3000 701.3 841.6 981.8 1 3 6 1542.9 1683.1 1823.4 1963.6 2103.9 2244.2 2384.4 2524.7 2664.9 2805.2 2945.5 3085.7
1128. 1269. 1410.
160 3001 3025 705.1 846.1 987.1 2 2 2 1551.2 1692.2 1833.3 1974.3 2115.3 2256.3 2397.3 2538.4 2679.4 2820.4 2961.4 3102.4
161 3026 3050 708.9 850.7 992.5 1134. 1276 1417. 1559.6 1701.4 1843.1 1984.9 2126.7 2268.5 2410.3 2552 2693.8 2835.6 2977.4 3119.2
 2 8
1140. 1282. 1425.
162 3051 3075 712.7 855.2 997.8 3 9 4 1567.9 1710.5 1853 1995.6 2138.1 2280.6 2423.2 2565.7 2708.3 2850.8 2993.3 3135.9
1146. 1289. 1432.
163 3076 3100 716.5 859.7 1003 3 6 9 1576.2 1719.5 1862.8 2006.1 2149.4 2292.6 2435.9 2579.2 2722.5 2865.8 3009.1 3152.4
1008. 1152. 1296. 1440.
164 3101 3125 720.2 864.2 3 3 4 4 1584.4 1728.5 1872.5 2016.6 2160.6 2304.6 2448.7 2592.7 2736.8 2880.8 3024.8 3168.9
1013. 1158. 1303. 1447.
165 3126 3150 724 868.7 5 3 1 9 1592.7 1737.5 1882.3 2027.1 2171.9 2316.6 2461.4 2606.2 2751 2895.8 3040.6 3185.4
1018. 1164. 1309. 1455.
166 3151 3175 727.7 873.2 8 3 9 4 1600.9 1746.5 1892 2037.6 2183.1 2328.6 2474.2 2619.7 2765.3 2910.8 3056.3 3201.9
1170. 1316. 1462.
167 3176 3200 731.4 877.7 1024 2 5 8 1609.1 1755.4 1901.6 2047.9 2194.2 2340.5 2486.8 2633 2779.3 2925.6 3071.9 3218.2
1029. 1176. 1323. 1470.
168 3201 3225 735.1 882.1 1 2 2 2 1617.2 1764.2 1911.3 2058.3 2205.3 2352.3 2499.3 2646.4 2793.4 2940.4 3087.4 3234.4
1034. 1182. 1329. 1477.
169 3226 3250 738.8 886.6 3 1 8 6 1625.4 1773.1 1920.9 2068.6 2216.4 2364.2 2511.9 2659.7 2807.4 2955.2 3103 3250.7
1039. 1336.
170 3251 3275 742.5 891 5 1188 5 1485 1633.5 1782 1930.5 2079 2227.5 2376 2524.5 2673 2821.5 2970 3118.5 3267
1044. 1193. 1343. 1492.
171 3276 3300 746.2 895.4 7 9 2 4 1641.6 1790.9 1940.1 2089.4 2238.6 2387.8 2537.1 2686.3 2835.6 2984.8 3134 3283.3
1049. 1199. 1349. 1499.
172 3301 3325 749.9 899.8 8 8 7 7 1649.7 1799.6 1949.6 2099.6 2249.6 2399.5 2549.5 2699.5 2849.4 2999.4 3149.4 3299.3
1054. 1205. 1356.
173 3326 3350 753.5 904.2 9 6 3 1507 1657.7 1808.4 1959.1 2109.8 2260.5 2411.2 2561.9 2712.6 2863.3 3014 3164.7 3315.4
1211. 1362. 1514.
174 3351 3375 757.2 908.6 1060 4 9 3 1665.7 1817.2 1968.6 2120 2271.5 2422.9 2574.3 2725.7 2877.2 3028.6 3180 3331.5
1065. 1217. 1369. 1521.
175 3376 3400 760.8 913 1 3 4 6 1673.8 1825.9 1978.1 2130.2 2282.4 2434.6 2586.7 2738.9 2891 3043.2 3195.4 3347.5
1070. 1223. 1528.
176 3401 3425 764.5 917.3 2 1 1376 9 1681.8 1834.7 1987.6 2140.5 2293.4 2446.2 2599.1 2752 2904.9 3057.8 3210.7 3363.6
1075. 1382. 1536.
177 3426 3450 768.1 921.7 3 1229 6 2 1689.8 1843.4 1997.1 2150.7 2304.3 2457.9 2611.5 2765.2 2918.8 3072.4 3226 3379.6
1080. 1234. 1389. 1543.
178 3451 3475 771.7 926 4 7 1 4 1697.7 1852.1 2006.4 2160.8 2315.1 2469.4 2623.8 2778.1 2932.5 3086.8 3241.1 3395.5
1085. 1240. 1395. 1550.
179 3476 3500 775.3 930.4 4 5 5 6 1705.7 1860.7 2015.8 2170.8 2325.9 2481 2636 2791.1 2946.1 3101.2 3256.3 3411.3
3.3 BIBLIOGRAPHY:

1) www.nrl.co.in

2) www.ppac.org.in

3) www.petrolium.gov.in

4) www.ibef.org

5) www.petroliumbazar.com

6) www.bharatbook.com

7) www.north east india.com

8) www.guwahatitoday.com

9) www.projectmonitor.com

10) Chapter 9, Principles of Managerial Finance, L.J.Gitman

11) Chapter 15, Financial Management And Policy, V.K. Bhalla