27 October 2010 07:23 [Source: ICIS news]
The plant is part of MRPL’s ongoing Phase III refinery expansion project, which envisages the production of 300,000 tonnes/year of petrochemical-grade propylene and 250,000 tonnes/year of lube oil base stock, apart from the enhanced production of other refinery products such as petrol.
The expansion project was ahead of schedule and had achieved a physical progress of almost 63% on 15 October, against the scheduled plan progress of 57%, MRPL said in a statement on its website.
Mechanical completion of the project was targeted for October 2011.
The company also plans to set up a Single Point Mooring at Mangalore port by May 2012 to receive oil in very large crude carriers, it added in its statement.
Meanwhile, MRPL posted a 57% rise in its second quarter (July-Sept) net profit to Rs2.8bn ($63.1m) on increased refining margins, while its net sales were up at Rs83.54bn against Rs78.74bn, year on year.
($1 = Rs44.40)
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