MRPL keen on stake in Haldia Petro: awaits offer from State

30-Jul-12
ONGC subsidiary-Mangalore Refinery and Petrochemicals (MRPL), which wants to buy a stake in Haldia Petrochemicals has shifted the onus on the Bengal government for a quick decision on the issue. The ONGC subsidiary is keen on HPL because it will get a ready buyer for its naphtha, which is produced as a by-product in its refineries. “We had expressed our interest in buying a stake in HPL, but we have not heard from the state government for over two months. We are still interested, but it seems they are not interested,” P. P. Upadhya, managing director of MRPL, told The Telegraph. The refining capacity of MRPL is being expanded to 21 mln tons from 15 mln tons. This will produce more naphtha which can be used as feedstock in HPL. A deal with MRPL will provide Haldia Petrochemicals with much needed cash, while the ONGC subsidiary can put its naphtha to productive use.
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