Mangalore, Sep 24: “2012-13 was a year of new milestones for MRPL. The company has processed the highest ever crude of 14.4 MMT during the year and posted the highest ever gross turnover of Rs 68,834 crore said MRPL Chairman Sudhir Vasudeva.
He was addressing the media while briefing the 25th annual report for 2012-13 at MRPL premises on Monday, September 23.
He said that the company’s ability to deliver results is recognized by the Indian hydrocarbon industry and it has been awarded “Refinery of the Year” for 2009 and for 2012 by Petro fed. He also said that the Phase III Refinery Project of MRPL was nearing completion. Once the Crude Distillation and Vacuum Distillation units have been commissioned, the company will be able to maximise the distillate yield and low value products will be upgraded to produce value added products like Propylene.
He further said that the estimated cost of the project continues to be Rs 12,160 crore, and is expected to be completed by March. In spite of the good physical performance during the year, the company incurred a net loss after tax of Rs 757 crore against after tax profit of Rs 909 crore in the previous year.
The company continued its direct marketing activity in the segment of petroleum products in Karnataka and the adjoining states. The direct sales turnover during the year 2012-13 was Rs 3,750 crore compared to Rs 2,755 crore in the previous year. The company has won “Export Excellence Award, 2013” in the best manufacturer-exporter – large category-gold by Federation of Karnataka Chamber of Commerce and Industry, he said.
Managing Director of MRPL P P Upadhya said that although a major delay was anticipated in the Polypropylene project, the civil and structural works and erection of equipment were in progress. The project is expected to be completed within a period of three months, he said.
Vishnu Agarwal, director of finance, V G Joshi, new director of refineries and others were present.