ONGC to lend Rs 50 bln for expansion at Mangalore Refinery & Petrochemicals Ltd.

15-Dec-09

Oil and Natural Gas Corp.'s (ONGC) board has approved a plan to lend Rs 50 billion (US$1.07 bln) to Mangalore Refinery & Petrochemicals Ltd. (MRPL) for the phase-III of refinery expansion and its petrochemical project. MRPL will use the funds also for its single-point mooring facility near the Mangalore port, being set up to receive crude oil in very large tankers. MRPL is currently raising refinery capacity to 300,000 bpd from 193,800 bpd at an investment of Rs 124 bln, and a 450,000 tpa propylene facility for Rs 18 billion.