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Our Bureau

New Delhi , Dec 13

MRPL is in talks with Japanese and South Korean petrochemical manufacturers to sell a majority equity stake in its proposed aromatics facility.

A senior company official said that up to 51 per cent stake could be on offer for the unit - to be built in Mangalore - to more than one overseas manufacturer.

"We have held preliminary discussions with Japanese and Korean makers in this regard."

The aromatics unit, with an annual capacity of 9,00,000 tonnes, is to be established by a special purpose vehicle jointly owned by MRPL and its parent, ONGC.

The project will be implemented in the Mangalore SEZ-based Mangalore Petrochemicals Ltd, promoted by ONGC and MRPL.

The unit will primarily manufacture paraxylene, used as feedstock in making purified terephthalic acid (PTA), and benzene, which is used to make detergents and lubricants. It is scheduled to go on stream in 2010.

MRPL is also planning to increase sales of aviation turbine fuel (ATF) in the domestic market and cut down on exports gradually.

"We are setting up infrastructure in and around Mangalore to increase our domestic market share," said Mr R. Rajamani, MRPL Managing Director.

Currently, the company exports more than a million tonnes of ATF annually, but sells only around 10,000 tonnes in the domestic market.

"We will reduce our exports as we gradually increase our domestic market share."

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