ONGC acquires majority stakes in Azerbaijan: Sudhir Vasudeva

ONGC acquires majority stakes in Azerbaijan: Sudhir Vasudeva

Mangalore Today News Network

Mangalore, Mar 29, 2013: Sudhir Vasudeva, chairman and managing director, ONGC said that on 28th March 2003 ten years ago ONGC acquired majority stake in MRPL and entered Dakshina Kannada and today it is celebrating a decade of sustained growth.

Speaking at the press meet held at Conference Hall of MRPL on March 29, Friday, he said that ONGC Videsh Ltd, a 100% subsidiary of ONGC has completed the acquisition process of Hess Corporation with 2.7213% interest in the Azeri, Chirag and deep water portion of Guneshli fields in the Azerbaijan sector of the Caspian Sea and 2.36% interest in Baku-Tbilisi-Ceyhan (BTC) Pipeline.

He also said that it will be acquiring 8.42% stake from Conoco Phillip at an estimated cost of US$ 5 billion, which will yield around 1 million tones of oil

Speaking MRPL, he said that in a year MRPL turned around from a net loss of Rs 412 crore  to a net profit of Rs 459 crore; in one year it moved  from the portals of BIFR to the BSE 30

He also said that MRPL produced EURO III, Euro IV petrol & diesel, in 2006, 2010 respectively for the first time in India and MRPL is making EURO V diesel.

Recently MRPL has translated its dream of growing into a 15 MMTPA refinery through a brownfield expansion project of 16.6MMTPA with an ancillary Single Point Mooring project.

In line with the vision of ONGC, and ONGC’s Perspective Plan 2030, MRPL is all set expand into a 21 MMTPA refinery with a  Pet coke Gasification Unit and an LAB unit. The company also plans  to diversify into petrochemicals.

A Polypropylene plant is getting ready in MRPL Phase III and a JV company in which MRPL has a take, ONGC-Mangalore Petrochemicals Ltd (OMPL) is off to a running start and is expected to commission its aromatic plant by September 2013.

MRPL’s  Samrakshan, the Corporate Social Responsibility programme is also scaling up its involvement in ushering in sustainable development across fields of health, education, infrastructure, sanitation, water and water management, enabling women and the weak and vulnerable, protection and preservation of cultural heritage and environment  in line with ONGC’s vision of making tomorrow brighter.

Recently MRPL has committed to building a new 12,000 sq feet, 5 floor block for the 162 year old Lady Goschen Hospital with an outlay of Rs 21 crore out of which Rs 5 crore has been sanctioned.

MRPL also donated computer lab for Harakala Hajjabba’s school. It also provided the generator to Roman and Catherine Lobo school for enabling the visually challenged.

The Mogaveera Vyavasthapaka Mandali will be given the fish vending trucks that will help poor fisherwomen who sell on the roadside.

Apart from it, MRPL will also contribute 10 State of art Bus Shelters, Digital Class Room – Educomp (5 year contract of AMC compulsory post which hardware becomes school property, One Road Cleaning Machine – Truck mounted Road Sweeper for Mangalore, Restoration of Bejai Museum, Scholarships for meritorious children of  SC/ST and others.

According to the CSR activities, it will also look after the restoration work of 6 monuments of the state like Ajantha, Ellora, Sun Temple, Konark, Taj Mahal and Bodhgaya.