Mangalore net profit posts hefty rise

Mangalore Refinery and Petrochemicals Ltd., a subsidiary of Oil and Natural Gas Corp. (ONGC), reported a net profit of Rs1,272.23 crore (US$299.28 million) in 2007-2008, a 142% jump from the previous fiscal year, on the back of higher refinery margins. MRPL had a net profit of Rs525.52 crore (US$123.65 million) in 2006-2007, Chairman R.S. Sharma said. MRPL recorded its highest ever refinery crude output at 12.55 million tons, up from 12.53 million tons last year, and the highest ever capacity utilization at 130%. Sharma said MRPL is investing more than Rs8,000 crore (US$1.88 billion) in expanding the refinery capacity to 15 million tons by 2011. “We plan to set up about 10 retail outlets in Karnataka and Andhra Pradesh during the current fiscal,” he said. MRPL has entered into aviation fueling business with Shell Aviation, the global leader in the aviation fueling business. Sharma said MRPL has received the environmental clearance for expanding the refinery from 9.69 million tons to 15 million tons. (May 7, 2008)