with inputs from Deccan Herald

• Depots at Kasargod, retail outlets at Hubli, Maddur to open soon

Mangalore, Jul 25: The Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of ONGC, will open three new satellite depots at Kasargod (Karnataka-Kerala boundary), Hindupur (Karnataka-Andhra Pradesh boundary) and Hosur (Karnataka-Tamil Nadu boundary).

This was announced at a media conference at the MRPL complex near here on Tuesday. the work on the Kasargod depot is “mechanically completed” and it will be commissioned shortly. With the setting up of new depots in border areas, the transportation of products (petrol, diesel and bitumen among others) to the respective states will be easy.

15 more retail outlets

The work on the retail outlets at Hubli and Maddur is almost complete and they will be opened before September. The Mangalore Refinery and Petrochemicals Ltd is awaiting clearance from the deputy commissioner to start work on the retail outlet at Kadri (Mangalore).

The work order has already been given and once the DC gives the clearance, the work will start.

This apart, the MRPL is planning to open 15 other retail outlets. They include six each in Karnataka and Tamil Nadu and three in Andhra Pradesh.

MRPL will have a different brand name, other than 'Oval'.

Discussions are on with airline companies for supply of ATF are in advance stage of conclusion.

MoU with Mauritius

In the light of the MRPL agreement with State Trading Corporation (STC) of Mauritius to supply 1 million MTPA of petroleum products, viz., motor gasoline, diesel, aviation turbine fuel and furnace oil for a period of three years commencing from August 2007, MRPL is also in discussion with Mauritius government for development of storage terminals at Mauritius, through a separate JV/SPV.

Expansion

MRPL is making rapid progress in implementation of its refinery upgradation and expansion project at Mangalore, he said the licensor’s selection for various units are in advance stage of finalisation and is likely to be completed by middle of August 2007. The project is scheduled to be completed in 2010-11.The investment in phase III upgradation would be Rs 7,943 crore.

Q1 up by 71 pc

The MRPL earned a net profit of Rs 369 crore in the first quarter of the current fiscal, as against Rs 216 crore in the corresponding period of the previous year, recording a growth of 71 per cent.