Briefing reporters, after the 23rd Annual General meeting at MRPL premises near here on Saturday, he said the Phase III when implemented, will help to process more of low price high sulphur / high acid, heavy crude oils and to proudce value added products like propylene and upgradation of its total diesel pool to superior Euro-III / Euro-IV grade.
Stating that the cost of the project is Rs 12,160.26 crore, Hazarika said that the total value of orders placed on July 15 is Rs 10,194 crore. “The project has achieved a progress of 86.2 per cent as against the schedule target of 97.4 per cent as on August 15,” he said adding that the project implementation is progressing satisfactorily at steady pace to meet the commissioning target of January 2012 and for availing tax benefits on commissioning before March 2012.
On recent discontinuation of Asian Clearing Union mechanism by RBI for effecting remittances, he said it has been resolved and the company continues to predominantly process Iran crude (65 per cent).