Mangalore Refinery to raise Rs.4,000 crore for expansion (Lead)

January 19th, 2010 - 10:25 pm ICT by IANS  

New Delhi, Jan 19 (IANS) State-owned Mangalore Refinery and Petrochemicals Ltd (MRPL) will raise Rs.4,000 crore by March 2012 for its expansion plans, a company official said Tuesday.
MRPL’s Director (Finance) L.K. Gupta said that the company, a subsidiary of state-run Oil and Natural Gas Corp, will raise Rs.4,000 crore, which will partially fund expansion.

MRPL reported a net profit of Rs.259.54 crore for the quarter ended Dec 31, compared to a net loss of Rs.285.41 crore in the like quarter last fiscal.

The company’s total income in the quarter under review rose 23.7 percent to Rs.9,388 crore, from Rs.7,586 crore in the year-ago period.

“The third quarter of last year was the worst for oil refineries. Our inventory loss was $14.37 per barrel,” said MRPL chairman R.S. Sharma, who is also the chief of its parent, the upstream oil major ONGC.

MRPL would import 12.1 million tonnes of crude in the next fiscal year. This fiscal year compared with 12.5 million tonnes in 2009-10.

Related Stories

Tags: , , , , , , , , , , , , , , , ,

Posted in Business |