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Mangalore Refinery and Petrochemicals Limited

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Mangalore Refinery and Petrochemicals Ltd.
Company typePublic Sector Undertaking
IndustryOil and gas
Founded7 March 1988 (36 years ago) (1988-03-07) [1]
HeadquartersMudapadav, Kuthethoor P.O., Via Katipalla,
Mangalore
,
India [1]
Key people
Shashi Shankar (Chairman)
M. Venkatesh
(MD)
ProductsPetroleum, Petrochemicals and Natural gas
RevenueDecrease ₹60,062.02 crore (US$7.2 billion) [2] (2020)
Decrease ₹−5,399.56 crore (US$−650 million) [2] (2020)
Decrease ₹−3,352.92 crore (US$−400 million) [2] (2020)
Total assetsDecrease ₹30,641.91 crore (US$3.7 billion) [3] (2020)
Total equityDecrease ₹6,834.71 crore (US$820 million) [3] (2020)
OwnerONGC (71.63%) [4]
HPCL (16.96%)
DivisionsONGC Mangalore Petrochemicals Limited
Shell MRPL Aviation
Websitewww.mrpl.co.in

Mangalore Refinery and Petrochemicals Limited (MRPL), is an oil refining company in Mangalore and is a subsidiary of ONGC.[4] Established in 1988, the refinery is located at Katipalla, north from the centre of Mangalore. The refinery was established after displacing five villages, namely, Bala, Kalavar, Kuthetoor, Katipalla, and Adyapadi.[1]

The refinery has a versatile design with high flexibility to process crudes of various API gravities with a high degree of automation. MRPL has a design capacity to process 15 million metric tonnes per annum and is the only refinery in India to have two hydrocrackers producing premium diesel (high Cetane).[5] It also has a Polypropylene unit with a capacity of 440,000 million tonnes per year.[6] It is also the only refinery in India to have two CCRs producing high octane unleaded petrol. Currently, the refinery processes around 14.65 million tonnes of crude per year. The company revenues stood at ₹60,062.02 crore (US$8.4 billion) in 2020.[2]

MRPL, which was a joint sector company, become a PSU subsequent to the acquisition of a majority of its shares by ONGC. As of June 2020, 71.63% shares were held by ONGC, 16.95% shares were held by HPCL, and the remaining shares were held by financial institutions and the general public.[4] MRPL has been declared a Miniratna (mini jewel), by the Government of India in 2007.[7]

Before its acquisition by ONGC in March 2003, MRPL was a joint venture oil refinery promoted by Hindustan Petroleum Corporation Limited (HPCL), a public sector company and IRIL & associates (AV Birla Group).[7] MRPL was set up in 1988 with an initial processing capacity of 3.0 million metric tonnes per annum which was later expanded to the present capacity of 15 million metric tonnes per annum.[5]

The refinery was conceived to maximise middle distillates, with the capability to process light to heavy and sour to sweet crudes with 24 to 46 API gravity. On 28 March 2003, ONGC acquired A.V. Birla Group's stake and further infused equity capital of ₹600 crores making MRPL a majority-held subsidiary of ONGC.[7][5] The lenders also agreed to the debt restructuring package (DRP) proposed by ONGC, which included, inter alia, conversion of up to ₹3,65,54,884 of the company's loans into equity. Subsequently, ONGC acquired the equity allotted to the lenders pursuant to the DRP raising ONGC's holding in MRPL to 71.63%.[4]

On 30 August 2018, MRPL was given approval for a merger with HPCL by ONGC.[8][9]

See also

References

  1. ^ a b c Limited, Mangalore Refinery and Petrochemicals. "stake holders". {{cite web}}: |last= has generic name (help)CS1 maint: url-status (link)
  2. ^ a b c d "Mangalore Refinery and Petrochemicals Consolidated Profit & Loss account, Mangalore Refinery and Petrochemicals Financial Statement & Accounts". www.moneycontrol.com. Retrieved 29 July 2020.
  3. ^ a b "Mangalore Refinery and Petrochemicals Consolidated Balance Sheet, Mangalore Refinery and Petrochemicals Financial Statement & Accounts". www.moneycontrol.com. Retrieved 29 July 2020.
  4. ^ a b c d "Latest Shareholding Pattern - Mangalore Refinery And Petrochemicals Ltd". trendlyne.com. Retrieved 29 July 2020.
  5. ^ a b c Limited, Mangalore Refinery and Petrochemicals. "Profile". {{cite web}}: |last= has generic name (help)CS1 maint: url-status (link)
  6. ^ Limited, Mangalore Refinery and Petrochemicals. "pp Unit". {{cite web}}: |last= has generic name (help)CS1 maint: url-status (link)
  7. ^ a b c "Mangalore Refinery And Petrochemicals Ltd". Business Standard. Retrieved 29 July 2020.
  8. ^ https://www.thehindu.com/business/mrpl-to-merge-with-hpcl/article24823487.ece
  9. ^ "HPCL, Mangalore Refinery merger in FY'19: CMD Mukesh Kumar Surana". The Economic Times. 23 May 2018. Retrieved 24 June 2020.
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