MRPL declares 12 percent dividend

20 September 2009

The MRPL has earned a net profit of Rs. 1193 crores in 2008-09 as against Rs. 1272 crores last fiscal. The company has achieved a turnover of Rs. 42,719 crores this year, at 14 per cent more than than last fiscal
(Rs. 37,339 crores) according to chairman Mr. R.S. Sharma during a press conference held here today after the 21st annual general body meeting.
The Mangalore Refinery and Petrochemicals Limited (MRPL) owned by the Oil and Natural Gas Corporation (ONGC) today declared a dividend of 12 percent for the year 2008-09 despite a slightly lower net profit.

Mr Sharma said that MRPL was one among few companies identified by the Union Government to buy the crude oil from Mangala fields of Rajasthan. He said that first consignment of the crude oil will reach Mangalore refinery in early October. He said that high level committee was constituted to conduct the feasibility study on setting up a refinery in Rajasthan.

Mr Sharma said that MRPL would be investing additional Rs 25 crore to adopt new technologies to prevent the unit from any fire incidents damaging the facility. He said that high level committee was also formed to oversee the implementation of this project which was approved by the board during general body meeting.

Outlining the expansion plans Mr. Sharma said the company was implementing phase III Refinery project at an estimated capital cost of Rs. 12,412 crores with an objective of increasing profitability by increasing the refining capacity from the existing 9.69 Million Metric Tonnes Per annum (MMTPA) to 15 MMTPA to process more of low price high sulphur and high acid heavy crude oils.

The mechanical completion was expected to be achieved by October 2011. This project will also include a 2.2 MMTPA Petrochemical Fluidised Catalytic Cracking Unit which will produce approximately 450,000 Tons per annum of Polymer grade propylene which could be converted into Polypropylene -another value added product.

The company was also considering to set up a SPM facility (Single Point Mooring) project at the sea nearby Mangalore Port with an objective to receive crude from very large crude carriers. This will also facilitate the receipt of crude for Indian Strategic Petroleum Reserves (ISPR) being set up by Government of India at Mangalore.

The MRPL-ONGC will also be taking up various Corporate Social Responsibility projects in Mangalore at a cost of Rs. 10 crores.

source mangalorean.com