MRPL forms Petrochem Marketing JV with ONGC & OPaL, invests ₹12.5 Cr
Mangalore Refinery and Petrochemicals Ltd (MRPL) announced the formation of an Integrated Petrochemical Marketing & Trading Joint Venture Company. Its holding company, Oil and Natural Gas Corporation Limited (ONGC), approved the JVC with a shareholding ratio of 50:25:25 by ONGC, MRPL, and ONGC Petro additions Limited (OPaL) respectively. MRPL will contribute ₹12.5 crore towards the equity share capital, pending approval from DIPAM. The JVC aims to integrate petrochemical marketing for group companies, creating synergy, reducing costs, and increasing revenue through improved pricing, logistics, and grade optimization. It will also facilitate the production of specialty grades and open opportunities for third-party sales, addressing the nation's import dependency in certain petrochemicals.
Key Highlights
- MRPL to form a petrochemical marketing JV with ONGC and OPaL.
- MRPL will hold a 25% stake, contributing ₹12.5 crore equity.
- JV aims to integrate marketing, reduce costs, and increase revenue.
- It will improve pricing, logistics, and specialty grade production.
- Opportunity for third-party sales, reducing import dependency.