Mitsui, Mitsubishi mull investment in MRPL's aromatic unit

Japanese trading houses Mitsui & Co. and Mitsubishi Corp. are considering investment in an aromatic unit planned by Mangalore Refinery and Petrochemicals Ltd (MRPL). The proposed Rs 48.52 bln complex is to be built by a new venture - ONGC Mangalore Petrochemicals Ltd. MRPL will own 3% stake, and its parent company, Oil and Natural Gas Corp, will invest in a 46% stake. The two Japanese firms have also expressed an interest in buying the proposed plant's entire paraxylene output. MRPL is to arrive at a final decision on including further partners within 6 months. The unit is to produce 900,000 tpa of paraxylene fom 2010, using naphtha produced at MRPL's 193,800 bpd refinery in South India. MRPL plans to expand capacity of its refinery to 300,000 bpd by end-2010.
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