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Mangalore Refinery and Petrochemicals Ltd (MRPL), which is planning to expand market for polypropylene, is targeting to sell around 0.44 million tonnes (mt) of polypropylene a year.
The 28th annual report of MRPL for 2015-16 said that the company has successfully penetrated the polypropylene market in a short span of nine months with a sales volume of 0.139 mt and sales value of ₹1,039 crore.
The company is in the process of expanding its market reach in order to sell 0.44 mt of polypropylene a year, it said.
To leverage the highly profitable polypropylene and to position MRPL as a niche player, comprehensive pricing of various grades of polypropylene has been put in place along with customer enrolment activity, it said.
Del Credere Agents cum Consignment Stockist has been appointed to partner MRPL in addressing major demand clusters in the south and west of India, the annual report said.
Polypropylene unit, with a production capacity of 0.44 mt per annum, has been set up as part of the phase-III expansion of the refinery of the company. Propylene produced in the refinery is converted to polypropylene in this unit.
OMPL financials The annual report said that ONGC Mangalore Petrochemicals Limited (OMPL), which is a subsidiary of MRPL, achieved a turnover of ₹4,188.87 crore during 2015-16 as against ₹1,723.89 crore in 2014-15.
The aromatics complex of OMPL, which produces paraxylene and benzene in Mangalore Special Economic Zone, started its operations from October 1 2014. (Paraxylene is used in the production of polyester fibres and PET bottles. Benzene is used as an intermediate to make products such as styrene, polystyrene, phenol and nylon.)
OMPL’s aromatic complex has the capacity to produce 0.914 million tonnes per annum (mtpa) of paraxylene and 0.283 mtpa of benzene.
The annual report said that OMPL exported 0.56 mt of paraxylene and 0.17 mt of benzene during 2015-16.
It said that the company (OMPL) incurred loss of ₹875.35 crore during the year.
The company attributed this loss to interest, depreciation and lower capacity utilisation.
It had suffered a loss of ₹914.29 crore during 2014-15.
The annual report said that a scheme of amalgamation of OMPL with MRPL has been filed with the Union Ministry of Corporate Affairs, and is under process.
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