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MRPL- the subsidiary company of ONGC achieves profit Rs 406 crores in its first quarter: Chairman D.K. Sarraf

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Mangaluru, August 10: The Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary company of Oil and Natural Gas Corporation Ltd (ONGC), in its first quarter of the fiscal year 2015-16 has achieved profit of Rs 406 crores said MRPL Chairman, D.K. Sarraf, on August 9th.

Speaking to the media in the auditorium of the company after the 27th annual general meet of MRPL on Sunday, he said in the first quarter of the last fiscal year, the MRPL had suffered a loss of Rs 36 crores. Although the price of the crude oil has increased in the current year, the price of the processed oil has raised. Last year, 3.20 million metric tonnes could be produced, but this time as 3.89 million metric tonnes of crude oil has been processed, the losses could be overcome and the company could achieve profit, he informed.

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Chairman Sarraf said, overthrowing the 14.55 MMT record of 2013-14; the 14.65 MMT crude oil processing has been achieved in 2014-15. In the LPG production, the 497.6 TMT record of last year has been broken by the 502.4 TMT productions in 2014-15. HSD production in 2014-15 is 5.68 MMT, he said.

There are more chances for earning profit by importing crude oil from Iran. As the income from the OMC reduces due to the drop in oil prices, the company has planned to venture into the retail market. The third unit of the company is functioning appropriately and the polypropylene unit has begun its productions, said Chairman Sarraf.

Chairman Sarraf said as per the Auto oil rules of the Indian government, the company has engaged in Uro-4 grade oil production, and is making preparations to release the oil product to the market. In the last April 5th, polypropylene unit costing Rs 1,800 crores was inaugurated by the Union Minister Dharmendra Pradhan. There are projects to shortly open 100 retail market divisions from the company. Investment projects are undertaken to release the Uro-5 and Uro-6 grade oils to the country shortly. Government has ordered to form a committee including members comprising of the peoples representatives, informed Sarraf.

The project of merging the OMPL with MRPL has begun. A proposal on this has been placed before the government for the approval. MRPL, for the transportation of crude oil has made agreements with the Bombay High and Rava Oil Field of Mumbai, informed Sarraf.

MRPL administrative director H Kumar, Director Vishnu Agarwal, M Venkatesh and others were present at the press meet.

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