Mangalore Refinery and Petrochemicals (MRPL) posted a 71 per cent jump in net profit to Rs 369 crore for the the first quarter (April-June) of the year compared with Rs 216 crore in the same quarter last year. Total income (net of excise) during the quarter was up 16 per cent to Rs 7,572.4 crore. | |
| "MRPL could register better margins in the quarter mainly because of high refining margins of about $8.5 per barrel. It is expected to continue in this quarter at $6-8 per barrel," said R Rajamani, managing director, MRPL. |
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| Income from exports was at Rs 2,911 crore, up 4 per cent, compared with corresponding figure of Rs 2,797 crore in the previous year. |
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| Refinery throughput for the company, which is a subsidiary of Oil and Natural Gas Corporation (ONGC), showed a growth of 15 per cent to 3.16 million tonnes (mt), compared with 2.75 mt during the previous year. |
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| MRPL said it was in discussion with the Mauritius government for development of storage terminals there, through a separate joint venture or a special purpose vehicle. |
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| MRPL had entered into an agreement with State Trading Corporation (STC) of Mauritius to supply one mt per year of petroleum products - motor gasoline, diesel, aviation turbine fuel and furnace Oil for 3 years, commencing from August 2007. |
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| ONGC's memorandum of understanding with Hindustan Petroleum Corporation (HPCL) for co-operation and joint initiatives would facilitate movement of MRPL products under hospitality arrangements through the HPCL's Mangalore, Hassan and Devangundi terminals and the LPG import facility at Mangalore. |
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| In addition, it would help in availability of products to MRPL at other locations and ATF handling facilities at Bangalore, Calicut and Goa, it said. |
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| ONGC Mangalore Petrochemicals (OMPL), the joint venture company formed for setting up of aromatic complex at Mangalore SEZ, is also in advanced stage of finalisation of licensors. Preparation of design package was in progress for the low-cost revamp of a crude distillation unit, hydrogen unit, hydrocracker unit and gas oil desulphurization unit. |
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| The Mini Ratna-Category 1 status given to MRPL on June 15 enables autonomy for establishment of joint venture and subsidiaries, increased ceiling on capital expenditure, empowerment for mergers and acquisitions and delegation of powers on appointment, transfer, posting etc, said the company. |
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