Mangalore Refinery and Petrochemicals Ltd. is slowly emerging out of the shadows of its big brother Oil and Natural Gas Corporation. The company is drawing up plans to take a slew of initiatives in next few years ranging from setting up retail networks to setting up an olefin complex.
The move is expected to enable the mini-ratna subsidiary of ONGC to be a major player by the end of the XIth Plan and raise its installed capacity from 9.69 million tonnes per annum to 15 MTPA.
"We are currently awaiting the response of long term buyer and strategic investor to bids for acquiring 51 per cent stake in ONGC Mangalore Petrochemicals Ltd. The project is expected to be completed by 2010,” MRPL managing director R. Rajamani told the Hindustan Times.
Apart from this, MRPL is expected to finalise in next 6 months decision on the detailed feasibility report for an olefin plant to be established with an investment of Rs 17,000 crore. “The detailed feasibility report will be finalized in 3-4 months and a decision woul be taken on the project targeted for completion in 2012-13,” he added.
The joint venture has been floated by ONGC and MRPL to set up an aromatic plant in Mangalore Special Economic Zone.
The project will entail an investment of Rs 4,850 crore and manufacture 9.2 lakh metric tonnes per annum of paraxylene. The strategic partner is expected to set up downstream plant ensuring upliftment of benzene upto 1.40 lakh metric tonnes per annum as well as arrange long term buyers for benzene and paraxylene for trading purposes.
With the retail prices of key petroleum products frozen, MRPL is exploring the option of entering aviation turbine fuel business.
“We are looking at the option of selling ATF in coordination with other public sector companies like Hindustan Petroleum. We are alos looking at infrastructure sharing with other companies and have already tied up with Shell India,” Rajamani added.