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MRPL likely to turn around in a year: Ram Naik
By siliconindia
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Thursday, 15 May 2003, 19:30 IST
MANGALORE: Ailing Mangalore Refinery and Petrochemicals Ltd (MRPL), which was recently taken over by state-owned Oil and Natural Gas Corporation (ONGC), is likely to turn around in a year's time, Petroleum Minister Ram Naik said on Thursday.
"With the financial support of ONGC, I can assure that bad days of MRPL are over and the refinery which was already one of the best in technical terms, will soon be one of the most profitable refineries in the country," Naik said at function organised to receive the first shipment of crude oil from Sudan.
Company officials said MRPL, which posted a net loss of Rs 419 crore in the year ended March 31, 2003, was likely to post cash profits of Rs 73 crore this fiscal. "The net loss is projected to be cut to Rs 195 crore in 2003-04."
Total revenue is projected to jump to Rs 11,012 crore in 2003-04 as opposed to Rs 8694 crore last fiscal.
MRPL was expected to post cash profits this fiscal and would be in black next year, Naik told reporters.
ONGC plans to run the refinery at rated capacity of 9.6 million tonne. Currently, product offtake by oil retailing firms is restricted to only six million tonne per annum, Naik said adding the company would explore avenues for sale of increased production from MRPL.
The future roadmap for the refinery would be to optimise the refinery processes, residue upgradation for value added products and direct marketing of products.