News Archive

MRPL achieved 3.77 $/bbl Gross Refining Margin during the Third Quarter of FY 2011-12

Date: 
24th January 2012

The Board of Directors of Mangalore Refinery and Petrochemicals Limited, a subsidiary Company of ONGC, and a category I Mini Ratna, approved its un-audited results for the Third Quarter of FY 2011-12.

The Company achieved higher turnover of `13,658 Crore during Q3 of 2011-12 and recorded a GRM of 3.77 $/BBL in Q3 2011-12. The Company’s earnings have been good considering the extraordinary challenges of price volatility, demand reduction and rupee depreciation. The Company continues to have the highest domestic credit rating of AAA from ICRA and CRISIL.

PHYSICAL AND FINANCIAL PERFORMANCE:

PERFORMANCE of Q3:
 Particulars  Q2  Variation  FY 2010-11
 2011-12  2010-11
Turnover(` In Crore) 13,658 11,712 17% 43,800
Exports Turnover(` In Crore) 5943 4046 47% 14,604
PBDIT 321 591 -46% 2,233
PBT (` In Crore) 162 468 -65% 1,737
PAT (` In Crore) 110 314 -65% 1,177
GRM (US$ / BBL) 3.77 6.00 -37% 5.96
Throughput (MMT) 3.04 3.49 -13% 12.64
GRM Variance Analysis  
  Q3 2011-12 Q3 2010-11
Operating Margin (` In Crore) 164 218
Net Exchange Gain/(Loss) (` In Crore) (440)* 8*
Inventory Gain/(Loss) (` In Crore) 728 474
*Closing Exchange Rate ($) 53.62 45.28


The Company recorded highest ever turnover of ` 40,601 Crore in the nine month period ended 31st December 2011 and the thruput was also higher at 9.41 MMT during the same period .The Profit after Tax was ` 307 Crore (` 624 Crore) after considering depreciation of ` 309 Crore (` 297 Crore) and interest cost of ` 169 Crore (` 78 Crore). [Figure in bracket indicates corresponding nine month figure].

PHASE III: REFINERY EXPANSION AND MODERNISAION:

a. The Refinery Expansion and modernization project has achieved an overall physical progress of 91.50% as on 15th January 2012.

b. The Poly Propylene unit is also progressing well with physical progress reaching 74.3% as on 15th January, 2012.

c. All efforts are being taken to commission 3MMTPA CDU/VDU & DHDT which has been declared mechanically complete and the related utilities by March, 2012.

d. The Single Point Mooring System to bring Crude in VLCC tankers is targeted to be commissioned as per schedule in May 2012.

e. The Company has funded the expansion project from internal resources to the extent of ` 7,000 crore and has drawn loan from OIDB to the extent of ` 265 crore and ` 1,000 crore from Parent company ONGC as on 31st December 2011.

OTHERS:

The Company during the quarter has successfully completed the revamp of CDU/VDU I and Hydrocracker I Units within the scheduled time and has been taken on line for operation.

The Company is continuing to get supply of Iran Crude and as of now there are no payment related issues.

The Company has once again achieved the “Excellent” target (composite score 1.098) against the MOU target set with Govt. of India for the year 2010-11.

The Company has exceeded its earlier performance in Safety of Refinery operation without reportable loss time accident by achieving 1642 days as on 31st December 2011.

The company in the continuing scenario of under recovery in the Auto Fuel market due to price controls is awaiting in the side line with full readiness for development in the shortest time. As such the company presence in this Market segment continue to be miniscule.

Financial Performance of the Joint Venture Shell MRPL Aviation combine, has been “Excellent”. The JV has increased its throughput and profit during the nine month ended 31.12.2011.

CORPORATE SOCIAL RESPONSIBILITY:

The company as socially conscious corporate continues its Samrakshan Programme. The company in its endeavor to impart education to needy person has contributed towards building class rooms and other required infrastructure for local schools. It also contributes for promoting the local/ traditional culture of Karnatka and encourages development in the field of sports by sponsoring the needy and promising sports persons. The company continues it activity of rendering medical assistance to needy by conducting an artificial limb camp. The Company has plans to increase the outlay in furtherance of these activities and further develop the corporate usage.

Speaking on the occasion Shri Sudhir Vasudeva, Chairman whole heartedly appreciated efforts of the Team MRPL for a strong positive overall performance during the quarter.

MRPL celebrated it's first "World Hindi Day" on 10.1.2012

Date: 
17th January, 2012

Mangalore Refinery and Petrochemicals Ltd., a subsidiary of ONGC organized a function on 10.01.2012 on the eve of Word Hindi Day. The Senior Executive (OL) of the Company kicked off the World Hindi day Celebration by throwing light on the synopsis of the programme. Elucidating the significance of the celebrations, Dr. B.R. Pal said that Hindi Films and institutions engaged in the promulgation and promotion of Hindi have played a daunting role in providing an elevating platform for Hindi. Please click the link below to view reports.

World Hindi Day (English Report)

 

Vishwa Hindi Diwas(Hindi Report)

MRPL signs MoU with Government of Karnataka

Date: 
4th January 2012.

MRPL signed an MoU with Government of Karnataka on 4th January 2012 to set up a Single Point Mooring (SPM) in the sea off Panambur near NMPT, during the Global Investors Meet which was held as part of the Coastal Region Business Development Summit, Hon’ble CM set the mood for the GIM when he declared all support to those who wanted to invest in the coastal region in his inaugural speech.

As per this MoU, signed in the presence of the who--is-who amongst the decision makers of Dakshin Kannada with Shri D V Sadananda Gowda, Hon’ble CM of Karnataka, at the lead, GoK would facilitate MRPL to obtain all necessary approvals/clearances/infrastructure from the concerned Departments of the State, as per existing policies/rules/regulations.

The total cost of the Project will be Rs1100 Crore and the Project is to be completed in a time bound manner states the MoU that was inked by Shri Vijay Joshi , GGM (Projects) on behalf of MRPL and Shri Maheshwar Rao, Commissioner for Industrial Development and Director of Industries and Commerce, Government of Karnataka.