Mangalore Refinery drafts MOU to sell 26 % stake of company to KPC

Aug 03, 2000 02:00 AM

India's Mangalore Refinery and Petrochemicals (MRPL) has "developed a draft of memorandum of understanding (MOU)" to sell 26 % stake in the company to KPC, a senior official close to the deal confirmed. Under the draft MOU, KPC will supply its crude oil to MRPL, according to the official.
MRPL will likely study cost effectiveness of the Kuwait crude at its 12-mm-tpy refinery before setting its purchase volume. MRPL has been processing a variety of crude oil, including Yemen Masila, Iranian Heavy, Brunei Champion, Chinese Nanhai Light and Pennington, according to industry sources.
MRPL, an equal joint venture between the state-owned Hindustan Petroleum and the AV Birla group from the private sector, recently increased its refining capacity to 12 mm tpy from 9 mm tons. The refinery located in the southern Karnataka state is currently operating at 60-70 % of its total capacity, industry sources said.

Source: Bridge News via Newspage
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