MRPL signs Performance Contract with ONGC for 2008-09: Ups Deliverables

March 18, 2008

Mangalore Refinery & Petrochemicals Ltd, MRPL, an ONGC Group company and a mini ratna I, today inked the Performance Contract for 2008-09 with its principal, ONGC.

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 & NG Government Of India for 2008-09, the weightage of subsidiary management has been enhanced to 10 per cent from 4 per cent earlier. Out of this 10 per cent, MRPL's weightage has been enhanced to 4 per cent from 2 per cent earlier.

The Performance Contract was signed by ONGC's CMD Mr. R S Sharma and MRPL's Managing Director Mr. R Rajamani at ONGC's office at New Delhi on 18th March 2008.

Shri R S Sharma (left) exchanges the Performance Contract with Shri R Rajamani.

Issued by
Lekshmi M Kumaran
DGM,Corporate Communications
+91 9448495706