HPCL Decides Against Exiting MRPL

Mumbai, Aug 29: | Updated: Aug 30 2002, 05:30am hrs
Hindustan Petroleum Corporation Ltd (HPCL) has decided against its exit from Mangalore Refinery and Petrochemicals Ltd (MRPL). HPCL chairman and managing director MB Lal categorically said that the company would continue in the refinery joint venture, and added that it would not sell its stake to another PSU Oil and Natural Gas Corporation (ONGC) which recently acquired the AV Birla groups stake in MRPL.

Mr Lal said that the companys stake may go down once the financial restructuring is done by the institutions but the company would hold on to the reduced stake. He added that HPCL would ask for an assurance of product offtake from the refinery as per the present agreement. He said, We would continue lifting 3.5 million tonne of petroleum products and would do so as long as we want. On the feasibility of the nine million tonne Bhatinda refinery, Mr Lal said that the north-west was a deficit region.