Mangalore Refinery and Petrochemicals Ltd (MRPL) have decided to outlay Rs. 12,000 cr to augment its capacity to 15 mln tpa crude from the present capacity of 9.69 mln tpa by October 2011. The cost of expansion has risen from Rs. 8,000 cr in 2006. However, the company, a unit of state-owned Oil and Natural Gas Corp (ONGC) has postponed the commencement of the new 15 mln tpa refinery and adjacent aromatic and naphtha cracker projects. Due to the dearth of contractors, the company has slashed its capex for the FY 2009 to Rs.542 cr from Rs.825 cr and approved a capital expenditure plan of Rs. 3,180 cr for the next fiscal. As per the Govt notification, the public sector refineries commissioning after 31 March, 2012 will not provided a seven-year income tax holiday.
31-Oct-08 
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