(PTI)
Mangalore Refinery and Petrochemicals Ltd (MRPL) plans to invest Rs 15,000-18,000 crore in raising its Mangalore oil refinery capacity by 10 million tons by 2022. MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), is also looking at scaling up its petrochemical production capacity to clock larger margins, its Managing Director H Kumar said here.
“We have asked Engineers India Ltd to prepare a feasibility report for raising refinery capacity from current 15 million tons per annum to 25 million tons,” he said. The report is likely to be ready by June or July, he said adding the feasibility will determine the cost of the expansion.Another company official said the expansion could cost anywhere between Rs 15,000 crore to Rs 18,000 crore.The company was previously looking at raising capacity to 21 million tons a year but now is targeting 25 million tons.This is part of its ambitious target of clocking Rs 5,000 crore net profit by 2022.MRPL reported its highest ever annual net profit of Rs 3,639 crore on a revenue of Rs 59,415 crore in 2016-17 fiscal.
