Daijiworld Media Network - Mangalore (RD)
Mangalore, Sep 17: Mangalore Refineries and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Commission (ONGC) is likely to sign ATF agreement with Airlines shortly, to supply aviation fuel; in a bid to increase their volume of profit, said ONGC-MRPL chairman and managing director, R S Sharma.
He was speaking to media persons after the annual general body meeting held at MRPL, recently.
MRPL has secured permission to market ATF from Ministry of Petroleum and Natural Gas while the plans are underway to purchase ATF Refuellers, at the earliest. It would bring additional revenue to the oil companies. Moreover this agreement would come into effect in Bangalore and Mangalore, he said.
Measures are being taken to market additional petroleum products besides to expand export potentials. Accordingly MRPL has signed agreement with Mauritius-based State Trading Corporation, to supply petroleum products worth US $ 2 million (approx. Rs 2 thousand crores). Moreover Aromatic complex will be set up in separate Special Economic Zones (SEZ) of MRPL and ONGC to process top quality Naptha, paragyline and benzine, by 2010, he informed.
Around 15 filling stations will be set up including in Hubli, Yeddurand Dharwad by March 2008. The retail centre will be set up at Kadri, in the city by March 2008. MRPL will announce a dividend of 7% for the financial year 2006-07. MRPL has processed 12.54 million metric tonnes of crude in 2006-07 achieving 129% of its capacity. It has achieved turnover of Rs 32,377 crore besides export of Rs 11,615 crores. The direct marketing within the country accounted Rs 1,908 crore which was 35% more than the past year while it earned a net profit of Rs 525.52 crore, he informed.
CEO, R Rajamani, finance controller, L K Gupta, were present.