Referring to the turmoil in some European economies and in regions of West Asia and North Africa besides the natural disasters in Japan the Chairman, PetroFed and Chairman, IndianOil, Shri R. S. Butola touched upon fears of a double dip recession as a result of downgrade of the sovereign rating of the United States of America by Standard & Poor's.  The world economic growth projections by IMF have been revised downwards for both, 2011 and 2012, he added, while addressing the 10th Annual General Body Meeting of the Petroleum Federation of India on August 23, 2011 at New Delhi.

Developing Asian countries continue to be the main drivers of growth, he said, though projections for India have been revised downwards to 7.9% from 8.1% by IMF.  The slowdown in economic growth in the country has also witnessed lower growth in consumption of petroleum products at only 2.9% during 2010-11 as compared to 3.2% in the previous year, he added.  The reduction in crude oil prices by 9 to 15 dollars per barrel because of the global economic situation has benefited India, Mr. Butola mentioned.

He congratulated the six Indian corporates who have improved their ranking in the prestigious Fortune Global 500 ranking with IndianOil leading the list at 98th position.  Mr. Butola briefed the members on the various initiatives taken by PetroFed and the representations being followed-up with the various authorities in the Government.

Glowing tributes was paid by Mr. Butola to the contributions made by Mr. S. Behuria and Mr. M. A. Pathan during their tenures at the helm of affairs of PetroFed.  He placed on record appreciation of the services rendered by members of the Governing Council during their tenure.  He welcomed the five new PetroFed members of 2010-11 and the five others during 2011-12.

The Director General, Shri A. K. Arora briefed members on the various international collaborations undertaken and the rich information made available on various issues.  He re-iterated the message given by Chairman for larger participation in competing for PetroFed Awards and generously sponsoring the same.

The Annual General Body passed resolutions adopting the Audited Balance Sheet and Profit and Loss Account of the Federation for the financial year ending March 31, 2011, re-appointment of M/s Rakesh and Company, Chartered Accountants as auditors of the Federation until the conclusion of the next General Body Meeting and amendment to Bye-law No. 12 pertaining to Honorary Members.