Public sector oil companies paid Rs 2,687 crore (Rs 26.87 billion), on Thursday, to the government as interim dividend for 2002-03 to bridge its fiscal deficit target.

Exploration firm Oil and Natural Gas Corporation paid Rs 2,038.88 crore (Rs 20.39 billion) dividend while the country's largest oil refiner Indian Oil Corporation contributed Rs 319.36 crore (Rs 3.19 billion) to the exchequer, Petroleum Minister Ram Naik said in New Delhi.

Gas transportation firm Gas Authority of India Ltd paid Rs 170.85 crore (Rs 1.71 billion) and Oil India Ltd Rs 84 crore (Rs 840 million). Hindustan Petroleum Corporation Ltd paid an interim dividend of Rs 34.61 crore (Rs 346 million) while Bharat Petroleum Corporation Ltd contributed Rs 39.72 crore (Rs 397 million).

Incidentally, the total interim divided received by the government from six oil PSUs for the current year is 82 per cent of the total dividend of Rs 3,206 crore (Rs 32.06 billion) against its equity received in the previous fiscal (2001-02).

Naik said the government was in need of finances and "we asked the oil companies if they can contribute in anyway."