11 December 2008 14:24 [Source: ICIS news]
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The company has also revised the project cost to Indian Rupees (Rs) 124.12bn ($2.55bn/€1.96bn) from Rs79.43bn. The project is designed to produce petrochemical feedstock and petroleum products.
Managing director U K Basu attributed slippages to an overheated market for process licensing and engineering, procurement and construction (EPC) contracts, as well as a delay in land acquisition adjacent to its existing refinery at Mangalore in
The project provides for an expansion in the refinery’s crude processing capacity to 15m tonnes/year from 9.69m tonnes/year.
It envisages production of 300,000 tonne/year of petrochemical-grade propylene and 250,000 tonne/year of lube oil base stock, as well as enhanced production of other refinery products.
The expanded refinery would also supply naphtha and reformate feedstock to a proposed aromatics complex, which is being promoted by a joint venture between MRPL and its parent company Oil and Natural Gas Corporation (ONGC).
The JV, named ONGC Mangalore Petrochemicals Limited (OMPL), is scheduled to complete its aromatics complex by December 2010, ahead of the refinery expansion.
The Rs48.52bn complex would have capacity to produce 905,200 tonnes/year of paraxylene (PX) and 337,900 tonnes/year of benzene.
($1 = Rs48.7, €1 = Rs63.4)
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