'MRPL phase III will be ready by October 2011'
Speaking at a press conference after 22nd annual general meeting here on Saturday, he said Phase III project will increase the design refining capacity to 15 Million Metric Tonne Per Annum (MMTPA), to process more low price high sulphur/high acid heavy crude oils, increasing the distillate yield by upgrading low value black oils, producing the value added products like Propylene and upgradation of its total diesel pool to superior (Euro III/IV) grade. The project is being implemented at the cost of Rs 12,412 crore and is expected to be completed by October 2011.
The project has already achieved 55 per cent progress, he added. The MRPL is also setting up Polypropylene unit integrated with the Phase III project at an estimated cost of Rs 1,803.78 crore. M/s Engineers India Limited has been engaged to implement the project under Open Book Execution methodology. The project is expected to achieve mechanical completion by April 2012, he added.
Aromatic project
Sharma said that Aromatic complex is being set up by ONGC Mangalore Petrochemicals Ltd in Mangalore SEZ to produce Paraxylene and Benzene using the surplus Naphtha feed stock from MRPL refinery. The implementation of the project is under progress and is likely to be completed by November, 2012 and the commercial production is expected in February 2013. The estimated cost of the project is Rs 5,750 crore.
Profit
Sharma said that the company has earned a net profit after tax of Rs 1,112 crore marginally lower against Rs 1,193 crore in the previous year, as no Minimum Alternative Tax credit was available during the year as against Rs 104 crore in the previous year. In spite of fall in the profit after tax during the year, MRPL Board has decided to give dividend of Rs 12 per cent.
Responsible
To a query on discontent among those who have lost land to MRPL, Sharma said that oil industry is highly technical field and professional competencies can not be compromised by the company. However, MRPL-ONGC are responsible management and the company will try to balance the expectations of the people of the region.
He said that the MRPL has been rated No 1 company in terms of turnover per employee on All India basis by Business Today magazine.
Managing Director U K Basu said that MRPL has been receiving Most Safe Refinery Award for three years by Oil Industry Safety Directorate (OISD).
The MRPL has also completed 1002 days of accident free operations as on March 31, he added.