With the completion of major milestones by Mangalore Refinery and Petrochemicals Ltd (MRPL) the stakeholders can expect better returns in the coming days, according to DK Sarraf, Chairman of the company.

He termed the completion of phase-III expansion of the refinery, single-point mooring system near New Mangalore Port, and facilities at OMPL (ONGC Mangalore Petrochemicals Ltd) as some of these milestones.

Addressing presspersons after the 26th annual general meeting of the company here on Saturday evening, Sarraf said that the priority of the company was to complete the phase-III expansion of the refinery. “We have fully commissioned all units of phase-III, other than polypropylene unit, which will be fully commissioned by December,” he said. With that the phase-III expansion will be completed.

The commissioning of single-point mooring system near New Mangalore Port last year has helped the company to bring crude oil in bigger vessels.

Stating that OMPL facilities were commissioned during the last week of August, he said the first dispatch of OMPL product has gone from the company to respective customers. MRPL is also one of the stakeholders in the OMPL project.

He hoped that all these milestones would help improve the refining margin of the company. This will help bring better returns for stakeholders, he said.

To a query on the retail plans of MRPL, he said that the board of MRPL had approved the proposal for the establishment 122 outlets a few years ago.

Stating that the ground is clear to implement that, he said the company is not implementing that because it needs to revalidate that decision within its own team. Asked when the process of revalidation of that decision would start, he said he could not put a time limit at present.

H Kumar, Managing Director of MRPL, was present on the occasion.

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