ONGC approves Rs 50 billion loan to MRPL

Mangalore Today News Network

Mangalore, Dec 15: Oil and Natural Gas Corp (ONGC) has approved a loan of Rs 50 billion to Mangalore Refinery and Petrochemicals Ltd (MRPL) for the third phase of its petrochemical and refinery expansion project. 

MRPL is to utilize these funds on building a one-point mooring facility in the vicinity of the Mangalore Port to receive large tankers of crude oil. 

Currently, MRPL is increasing the capacity of its refinery from 193,800 bpd to 300,000 bpd, a project that will cost an estimated Rs 124 billion. It also plans to establish a 450,000 tpa propylene facility, which will cost Rs 18 billion.