MRPL to get first crude oil cargo from ONGC's Russian plant

Mangalore, Sep 16 (UNI) The Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidary of Oil and Natural Gas Corporation (ONGC), will get its first crude oil cargo of 90,000 MT from ONGC's plant in Sukmaroe in Russia in mid-November, its Chairman and Managing Director R S Sharma announced today.

Addressing a press conference after chairing the 18th annual general meeting of MRPL here, he said ONGC had invested 2.8 million US Dollars in Russia and commercial production of crude oil was expected next month. MRPL would become the first company to receive the first crude cargo from Russia, he added.

Mr Sharma said the company had proposed to combine the programme of receiving first crude cargo and foundation stone laying ceremony for its Rs 4,852 crore aromatic complex to be set up by a separate special purpose vehicle (SPV) company of ONGC and MRPL in Mangalore special economic zone (MSEZ) in November. Prime Minister Manmohan Singh would be invited to participate in the function.

Though the Prime Minister could not attend the foundation stone laying ceremony last time due to bad weather conditions, which prevented his aircraft from landing at Bajpe airport, the process for setting up the plant had been continued, he added.

Mr Sharma said the MRPL had achieved a record throughput of 12.12 million metric tonnes (MMT), recording 125 per cent capacity utilisation in fiscal 2005-06, up by 2.28 per cent from 11.85 MMT during 2004-05. This capacity utilisation was the highest among all the refineries in the country. MRPL produced 11.34 MMT of finished products, up by 2.44 per cent from 11.07 MMT in 2004-05.

He said MRPL had earned a net profit of Rs 371.61 crore inspite of refining industry in India passing through peculiar financial difficulties and formidable market challenges. Due to the low profit this year, the company had declared a dividend of seven per cent as against ten per cent declared in 2004-05.

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