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Mangalore Refinery to Raise Rs.4,000 crore for Expansion

  •   Tue, Jan 19 2010 11:13:04 PM

New Delhi, Jan 19 (IANS) State-owned Mangalore Refinery and Petrochemicals Ltd (MRPL) will raise Rs.4,000 crore by March 2012 for its expansion plans, a company official said Tuesday.

MRPL's Director (Finance) L.K. Gupta said that the company, a subsidiary of state-run Oil and Natural Gas Corp, will raise Rs.4,000 crore, which will partially fund expansion.

MRPL reported a net profit of Rs.259.54 crore for the quarter ended Dec 31, compared to a net loss of Rs.285.41 crore in the like quarter last fiscal.

The company's total income in the quarter under review rose 23.7 percent to Rs.9,388 crore, from Rs.7,586 crore in the year-ago period.

"The third quarter of last year was the worst for oil refineries. Our inventory loss was $14.37 per barrel," said MRPL chairman R.S. Sharma, who is also the chief of its parent, the upstream oil major ONGC.

MRPL would import 12.1 million tonnes of crude in the next fiscal year. This fiscal year compared with 12.5 million tonnes in 2009-10.

  

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  • ISMAIL K PERINJE, PERINJE/YANBU-KSA

    Tue, Jan 19 2010

    Officials must make sure farmer's fertile land spared for the expansion of MRPL.In Karnataka most of the farmers are @ toes for aquiring their fertile land for industrial purpose(Bellary, Davangere, Kinnigoli, Mangalore ect ect.)They are now in roads cursing the govt.

    We need industrilisation as well as agriculture to feed ourselves.Govt should take care of the both section of the balanced economy.As far as MRPL, it is Mangalore's pride and we need to support the project and MRPL need to support our local unemployed youth by giving them employement.

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  • shanker shetty, mangalore

    Tue, Jan 19 2010

    Its very sad indeed that polluting industries are being imposed on people of south canara . With western ghats being so close to these industries its going to destroy one of the most biodiverse regions in the world.Hopefully the intelligencia and the enviornmentalists of the district are able to stop this industrialisation. Moreover its wrong to acquire agricultural land from the farmers at a throaway price against their will and hand it over to industries.

    Remember the "sacrifices" of the farmers when MCF was built . Ultimately it was sold to a private industry and all the land sacrificed by them went to private hands for a song.I hope better sense prevail and people of mangalore rise from their slumber

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  • Gilroy, Mangalore

    Tue, Jan 19 2010

    As per CM's statements, MRPL should be using barren land , not fertile land of D. K., for expansion. May the innocent native people know what will be the pollution from the emissions from 12.1 million tonnes of crude oil and how will the waste be treated and disposed without polluting the ocean and underground water?

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