To set up LPG stations for automobiles
MANGALORE: Mangalore Refinery and Petrochemicals Limited (MRPL), a subsidiary of Oil and Natural Gas Corporation (ONGC), is considering plans to start aviation turbine fuel (ATF) marketing to airlines and set up liquefied petroleum gas (LPG) stations for catering to automobiles.
Releasing its second quarter results (July-September) for 2006-07, the company said it was proceeding with the setting up of retail outlets, as the retail margins in petrol and diesel had turned positive. The company was in the final stages of signing a memorandum of understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) for domestic product sale and sharing of infrastructure.
It said that the ISOM Project of the company to produce Euro III/IV petrol had achieved mechanical completion. Commissioning activities have already commenced and commercial production was expected to start from December.
The mixed xylene project to produce value-added mixed xylene would start commercial production by November.
The company registered a lower net profit of Rs. 9 crore in the second quarter of 2006-07 against Rs. 166 crore in the corresponding quarter of 2005-06.
The turnover for the quarter under review stood at Rs. 8,908 crore against Rs. 7,244 crore, up 23 per cent.
The financial performance has been affected mainly due to the sharp reduction in international product prices during September 2006, and increased exports at Rs. 3,603 crore (Rs. 2,019 crore) where margins are lower as compared to domestic sales.
The company offers discount on LPG and superior kerosene oil (SKO) to PSU oil marketing companies.