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Our Bureau

Mangalore, Aug 3 The third phase expansion project of Mangalore Refinery and Petrochemicals Ltd (MRPL) is likely to be completed by the end of 2011.

The third phase of the project envisages increased capacity of crude throughput from 9.69 million tonnes annually (mtpa) to 15 mtpa, addition of secondary processing unit for increasing the distillate yield by about 10 per cent, and capacity to process high tan crude.

Addressing presspersons here after the 20th annual general meeting here on Saturday, Mr R.S. Sharma, Chairman of MRPL, said all the agreements have been signed with the licensors after obtaining approval from the authorities concerned. The land acquisition work is almost complete and relocation of project-affected people is in progress. This will facilitate commencement of site activities.

The Union Ministry of Environment and Forests has since issued environmental clearance for the project. The contractors are already at site for commencement of site grading work.

Mr Rajamani, Managing Director of MRPL, said: “In phases, we may start commissioning, may be from mid of 2011 to the end of 2011, in various units. Products will be available, hopefully, by the end of 2011.”

Mr Sharma said the Government has notified the phase three refinery project of the company eligible for income-tax exemption under Section 80 IB(9) of the Income-Tax Act, subject to fulfilling the conditions stipulated therein.

To a query if the profit margins of the company will be sustainable in coming quarters also, he said: “As a proactive management, I would say on a quarterly basis, we would do best risk management practices. Based on the current situation and in case the current situation remains unchanged, there will not be any let-down in our profit margin.”

The MRPL-Shell joint venture has signed contracts with Jet Airways and Lufthansa for marketing ATF (aviation turbine fuel). According to the present indications, the joint venture will start supplying ATF to the Bengaluru International Airport from August 15. The supply will start after two weeks at Hyderabad airport, Mr Rajamani said. Earlier, the AGM approved the accounts for 2007-08, with a dividend of 12 per cent, and confirmed a dividend of 0.01 per cent on preference shares.

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