Daijiworld Media Network – Mangalore (NR)  

Mangalore, Mar 19: A press release issued by MRPL's corporate communications here stated that Mangalore Refinery and Petrochemicals Ltd (MRPL), an ONGC Group company and a Mini Ratna I, signed a performance contract for 2008-09 with its principal ONGC at the latter's office at New Delhi on Tuesday March 18.

R S Sharma (left) exchanges the performance contract with R Rajamani

Further the release stated that the one change in the new performance contract between MRPL and ONGC has been the inclusion of 3 new parameters in place of ‘Product Despatch’, viz (i) safety, (ii) recycle of treated effluent and (iii) energy index.  

Also, the financial ratios in the newly signed performance contract between MRPL and ONGC are all higher than those in 2007-08. In the MoU entered into by ONGC group with the MoP and NG  government of India for 2008-09, the weightage of subsidiary management has been enhanced to 10% from 4% earlier.  

Out of this 10%, MRPL’s weightage has been enhanced to 4% from 2% earlier, the release adds. The performance contract was signed by ONGC’s CMD R S Sharma and MRPL’s managing director R Rajamani.