Mangalore Refinery and Petrochemicals Limited (MRPL), a Mini Ratna company was incorporated in 7th March of the year 1988 and commenced a business in 2nd August as a joint venture oil refinery promoted by Hindustan Petroleum Corporation and Indian Rayon & Industries Limited (IRIL) & Associates (AV Birla Group), now it is a subsidiary company of ONGC. MRPL is the only refinery in India to have two CCRs producing unleaded petrol of high octane. The refinery was conceived to maximize middle distillates with the capability to process light to heavy and sour to sweet crudes with 24 to 46 API gravity. The Company made a mega Public Issue consisting 4,31,60,000 16% Secured Redeemable Partly Convertible Debentures (PCDs) of Rs.135/- each aggregating to Rs.582.66 crores in the year 1993 and also 2,80,00,000/- 17.5% Secured Redeemable Non Convertible Debentures of Rs.200/- each (with detachable Equity Warrants) aggregating to Rs.560 crores. During the same year MRPL tied up for the process technologies with internationally reputed technology suppliers. It commissioned a 45 MW cogeneration power plant in September of the year 1995. MRPL commissioned its three million tonnes refinery towards the end of 1995-96 and it has been operating at more than 100 per cent capacity. In the year 1998, The Company had entered into an agreement with the National Securities Depository Limited (NSDL) to facilitate investors to hold the Shares in the electronic form. MRPL signed a crude-sourcing deal with the Chevron-Texaco combine in the year 1999. During the year 2000, the company and Reliance Petroleum had entered into First World markets with Petro-products like motor spirit at prices, which are not only competitive but have also contributed to the bottom lines of these companies. MRPL had enhanced its refining capacity to 12 million tonnes through a cost-effective process of debottlenecking some units. ICRA had downgraded the non-convertible debenture program in the year 2001 and also the partially convertible debenture programme of the company. The refining capacity was expanded to 9 MMT p.a from 3 MMT p.a in April of the year 2001 and commercial production started during the year. In 2003, ONGC and MRPL had signed a Memorandum of Understanding for the supply of crude oil. As at 28th March of the year 2003, ONGC acquired the total shareholding of 37.39% held by A.V. Birla Group and further infused equity capital of Rs.600 crores consequently made MRPL a majority held subsidiary of ONGC. The Company had contributed Rs 20 crore to New Mangalore Port Trust towards construction of new jetty at the port for exclusive use of the company. Further it is participating as an equity shareholder in the 364 km long cross country multi product Mangalore-Hassan-Bangalore pipeline which will help the company in accessing wider consumption areas for its products. The Hassan-Bangalore Pipeline project of 367 KM long was operational and the first parcel of HSD was transported through this pipeline and was delivered at Bangalore on 1st August of the year 2003. The Centre for High Technology (CHT) selected the MRPL for the Jawaharlal Nehru centenary awards under energy performance of refineries for the year 2003-04. Shell made tie-up with MRPL for Petro products in the year 2004. During the year 2004-05, based on the MOU with ONGC the company purchased 3.7 MMT Mumbai High Crude on pricing formula applicable to other PSU Refineries. MRPL had signed a pact with Saudi, Iran firms for crude supply in the year 2005, also in the same year; the company had forged alliance with Ashok Leyland for retail outlets. The Company forged alliance with Abu Dhabi firm in the year 2006 and MRPL had inked an agreement with Mauritius Company, in the identical year ICRA Ltd had assigned an Issuer Rating of IR AAA to the company. During the year 2006-07, the company took implementation of a large Refinery Upgradation and Expansion project at a cost of Rs.7943 crore. For Aromatics Project worth of Rs.4852 crore, ONGC and MRPL had incorporated a Joint Venture company under the name of ONGC Mangalore Petrochemicals Ltd (OMPL). In July of the year 2007, The Company had entered into a contract with State Trading Corporation (STC), Mauritius to supply petroleum products and also in the same year, in September, MRPL had signed a 4-year product supply agreement (extendable by another two years) with Shell India Marketing. As at January 2008, MRPL along with Shell Aviation made a landmark agreement for the purpose of entering an exclusive joint venture to market and supply aviation fuel. MRPL sold its first spot cargo to Iran in April 2008. During May of the year 2008, replacing Reliance Industries as a major supplier to the OPEC member, MRPL is all set to supply 250,000 tons of diesel to Iran over the eight months. MRPL plans to initiate plant-scale experiments on spent caustic treatment with chlorine dioxide to treat phenols, conduct a study on ONGC-Hazira HCR samples on producing Gasoline using ONGC Hazira naphtha and MRPL reformate, and analyse the feasibility of producing US Military grade ATF-JP5. The company also plans to augment refining capacity from the present rating of 9.69 TPA to 15 TPA. Studies have been initiated to add fresh capacities to the tune of 15 TPA. Also the company plans to launch its unique branded petrol and diesel in very soon.