Financial Daily from THE HINDU group of publications
Tuesday, Sep 28, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Corporate - Announcements
Industry & Economy - Petroleum
Marketing - Standards & Benchmarks


MRPL to invest Rs 200 cr for Euro IV facilities

Our Bureau

"The project target is 2007. MRPL is supposed to be the first refinery in the country to meet Euro IV standards."


Mr Subir Raha, Chairman

Mangalore , Sept. 27

MRPL is aiming at becoming the first refinery in the country to meet Euro IV standards and is planning to invest around Rs 200 crore in facilities for the same.

Speaking to newspersons on Monday, Mr Subir Raha, Chairman, said: "We are investing Rs 300 crore in Euro III facilities providing for upgrading gasoline quality. The project target is by the end of next year. Added to this, Rs 200 crore is proposed to be invested in Euro IV, and the project target is 2007. This is supposed to be the first refinery in the country to meet Euro IV standards."

Expressing the hope that retail outlets of MRPL will be opened in the current fiscal, he said that both MRPL and ONGC have licences to open retail outlets.

"Right now we are working on brand equity. Hopefully, ONGC and MRPL will go to the retail market within the current fiscal." On the letter of the Union Petroleum Secretary advising ONGC against going in for extensive diversification, he said: "I have seen certain reports in the media. As far the Union Ministry of Petroleum is concerned, we are constantly in dialogue for business opportunities."

According to him, there are two gainful streams in power projects. "On LNG various discussions have been going on; we have not reached any finality. Naphtha will be produced at MRPL itself."

He said that techno-economic feasibility reports on naptha are likely to be completed in a few months.

To a query on plans to expand MRPL's capacity, he said: "Right now we have excess refining capacity in the country. But de-bottlenecking is going on."

On ONGC investments in special economic zones, he said, "We would like to have the SEZ framework to minimise project cost and to minimise project development time. We have entered into an agreement with the Kanara Chamber of Commerce and Industry (KCCI). We are waiting for the notification."

Mr Raha said that the AGM of MRPL shareholders on Monday approved the resolution permitting the board to set off some of the accumulated losses against the securities premium account. "But beyond that I don't think I will make a `forward-looking' statement on possibility for a pool year."

He added: "The product demand is high, so the refinery capacity utilisation will be assured. Product prices are looking firm. There is adverse impact on custom duty reduction on product pricing. We have strong demand, the prices are pulling firm, and the refinery is being operated in an efficient manner. I do have reasonable confidence in sustaining profitability."

More Stories on : Announcements | Petroleum | Standards & Benchmarks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
MRPL to invest Rs 200 cr for Euro IV facilities


Ranbaxy gets US FDA nod for Clarithromycin
Orra to invest Rs 90 cr in store development, communication
IVRCL bags Rs 216-cr order
Cancellation of telecast rights — Constitution Bench to hear Zee's plea from today
Govt's special audits now open to ICWAI members
Losing sight of FACT
Kerala Govt takes over Halcyon Castle; M-Far moves HC
KITCO achieves Rs 3.6-cr turnover
Chola Finance plans to raise Rs 200 crore
Indoco acquires anti-cold brand Karvol from Solvay
Benetton to buy out DCM for Rs 15 cr
Merck to sell Taloja plant to Biochem for Rs 10 crore
Michelin Pune plant by end-2005
Suryalata Spng to raise capacity
Sundram Fasteners to expand Madurai unit
CLB orders BPL Comm not to change shareholding pattern
NTPC advice to investors: Read risk factors
Eveready Industries plans tourism foray
ITC Foods open to tie-ups for adding capacities in biscuits
E.I.D. Parry's sweet experiments pay off



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line