According to its chairman and managing director CR Prasad, the projects include the expansion of the Manali refinery capacity by three million tonnes to nine million tonnes, 500 mw power project based on refinery residues, crude oil pipeline from the Chennai or Ennore port, oil jetty at Nagapattinam, pipeline to the Cauvery basin Refinery with expansion of its capacity to 1 million tonnes from 0.5 million tonnes.

After the 33rd annual general meeting of the company here on Monday, he told newsmen that the Rs 2,175-crore refinery expansion project has obtained the Project Investment Board (PIB) clearance and it is now awaiting the Cabinet approval. Technology selection for the various process units is in an advanced stage of completion. The project appraisal had been completed by ICICI and IDBI.

Adetailed feasibility report of the power project is to be ready in a month. It will be forwarded to the Central Electricity Authority (CEA). The 500 mw power project is expected to cost Rs 2400 crore. Tamil Nadu Electricity Board and Tamil Nadu Industrial Development Corporation (Tidco) have evinced interest in the equity participation of the project. A Larsen and Toubro-PSEG Global Inc. USA consortium is expected to hold 26 per cent stake in the project.

Another major proposal of MRL is to bring down its stake in its subsidiary, Indian Additives Ltd (IAL), a joint venture with Chevron Chemical Company, to 50 per cent from the present 60 per cent in favour of the the US company. The divestment is to induce the joint venture partner to bring in latest technology in additive products processing. The price at which the stake is to be sold to Chevron is being worked out by Industrial Development Bank of India. The money would be invested in the development of IAL.

The most promising among the future plans ofMRL is its tie-up with Bharat Petroleum Corporation for direct marketing of all petroproducts. Already MRL has gained experience by marketing the decontrolled petrochemicals. However the marketing expert Solomon Associates is preparing a marketing strategy for MRL.

The Nagapattinam oil jetty project and the Cauvery Basin Refinery expansion together are projected to cost Rs 125 crore and are to be completed by next year-end.

About the proposed nine-million tonne Nagapattinam refinery project, Prasad said, it would be a joint venture project with Indian Oil Corporation. IOC will be the lead company. A foreign company would be chosen as technical collaborator and not mainly as a financial partner.

Meanwhile the diesel hydro-desulphurisation project (DHDS) to meet the revised future 0.25 per cent sulphur specification in diesel produced is being commissioned and it is expected to be stabilisied in the next few weeks.

MRL has declared 35 per cent dividend for the year 1998-99. During the year it achievedthe highest ever turnover of Rs 3747 crore. The profit after tax was also the highest ever at Rs 205 crores. The earning per share increased to Rs 13.92 in 1998-99 from Rs 8.78 in 1997-98.

During this year, MRL attained `MoU Excellent' top rating for its overall performance. Its Cauvery Basin Refinery has been awarded the prestigious certification for ISO 14001 Environment Management System, Prasad told the AGM.