Foreign partner likely for MRPL’s mega expansion

9th March 2005: Oil and Natural Gas Corporation (ONGC) has begun discussions with leading oil companies like Saudi Aramco, Lukeoil and Rosneft for a possible partnership in Mangalore Refinery and Petrochemicals Limited (MRPL). The foreign partner will be brought in when MRPL goes for doubling its capacity from 15 million tonne per annum (mtpa) to 30 mtpa. At present, though MRPL’s rated capacity is only 9.69 mtpa, the refinery produces nearly 12 mtpa at 120% capacity utilisation. Further debottlenecking will increase its production to 15 mtpa. In a detailed presentation to the nodal ministry, ONGC has stated that the refining capacity of MRPL will be enhanced to 15 mtpa in the first phase and to 30 mtpa in Phase-II.

“New capacity may be in association with Saudi Aramco/Luke/Rosneft. Discussions are in progress with these companies,” says ONGC. Company sources said the prospects of ONGC going ahead with Saudi Aramco for a partnership in MRPL were more as compared to any other company. However, they clarified that no decision had been taken so far. ONGC has recently concluded a deal with Saudi Aramco for importing 2.5 mtpa of Arab mix crude oil and plans to increase imports under the term contract for 2005-06 to 3 mtpa. Saudi Aramco is world’s single largest oil producer. Despite repeated attempts, ONGC chairman and managing director Subir Raha was not available for comments. The company holds at 71.62% equity in MRPL.

Reliance Industries denies plans to merge with IPCl

9th March 2005: Reliance Industries Ltd., the country's largest petrochemicals producer, denied a TV report on Wednesday of a possible merger with associate Indian Petrochemicals Corporation Ltd. Reliance "absolutely denied" the report, a Reliance spokesman said. IPCL, India's second-largest petrochemicals maker, is 46-per cent-owned by the Reliance group.

Sun Pharmaceutical shareholders to approve scheme of amalgamation

9th March 2005: Sun Pharmaceutical Industries Ltd has informed BSE that a meeting of the Equity & Preference Shareholders of the company will be held on April 04, 2005 as per the directives of the Honble High Court of Gujarat at Ahmedabad to consider and if thought fit, to approve with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of Phlox Pharmaceuticals Ltd with the Company.