MRPL keeps retail outlet option ready

Plan hinges on conducive market conditions, says chairman

Speaking to media persons after the 23rd annual general meeting at MRPL premises near here on Saturday, he said though the company has license to open 500 retail outlets, considering the under recoveries in diesel (HSD) sale, it is continuing with only one outlet (in Hubli) to avoid losses. “Another outlet at Kadri Hills in Mangalore was supposed to come up, but is pending due to litigation,” he said.

93 pc market share
Stating that MRPL continues to sell the free products, viz., bitumen, furnace oil, naphtha, mixed xylene and sulphur directly to end consumers, Hazarika said the company has 63 per cent and 93 per cent market share in sale of bitumen and suphur respectively in Karnataka. The turnover of such direct sales was Rs 2,271 crore during the year, he added.

To a query on supply of ATF, he said the MRPL supplies ATF to Mangalore, Bangalore, Hyderabad, Kozhikode and Ahmedabad airports and plans are on the anvil to supply ATF to Mumbai as well as Delhi too.

SPM project
Stating that the progress of the Single Point Mooring (SPM) project as on August 15, 2011, was 32.5 per cent, Hazarika said the project is expected to be complete by May 2012.

 “The company has already obtained environmental clearance from Ministry of Environment and Forests, Government of India, for the project,” he said.

The SPM project when completed can receive crude oil from Very Large Crude Carrier (VLCC), through a pipeline to be laid in the sea, about 16 kms from the shore of New Mangalore Port.

To a query on the opposition by local fishermen to the project, MRPL Managing Director U K Basu said that SPM is not a new phenomenon in India and the pipes will be burried inside the sea and will not cause any harm to fishing activities. “The SPM will be of the size of a room, about 16 kms away from the shore,” he said and added that all the orders for the project have been placed and the works are expected to begin in November, soon after the monsoon.

12 pc dividend
The Board of Directors of MRPL recommended final dividend payout of Rs 1.20 per share of Rs 10 (12 per cent), the same as last year, he informed.

Rs 1,177 cr profit
The company has registered a net profit of Rs 1,177 crore, marginally higher against Rs 1,112 crore previous year, Hazarika said and added that the company has registered highest ever turnover at Rs 43,800 crore with highest ever refinery crude thruput at 12.64 MMT.

MRPL Director (Technical) P P Upadhya and Director (Finance) Vishnu Agarwal among others were present.

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