Left Menu
Development News Edition

MRPL reports expanding loss in Q2 at Rs 574 crore, GRM plummets

ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) has reported a loss of Rs 574 crore in the second quarter of 2019-20 as against a loss of Rs 81 crore in the corresponding period of previous year.

ANI | Mangaluru (Karnataka) | Updated: 05-11-2019 13:04 IST | Created: 05-11-2019 13:04 IST
MRPL reports expanding loss in Q2 at Rs 574 crore, GRM plummets
The company has 15 million tonnes refinery north of Mangaluru. Image Credit: ANI

ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) has reported a loss of Rs 574 crore in the second quarter of 2019-20 as against a loss of Rs 81 crore in the corresponding period of previous year. Gross refining margin (GRM) -- the difference between price of crude oil and end-products like petrol and diesel -- dropped to 68 cents a barrel in Q2 FY20 compared to 4.41 dollars a barrel in Q2 FY19.

The mini-ratna central public sector enterprise said that low GRM was due to shutdown of operations after a minor landslide in its premises following heavy rains in Dakshina Kannada district. "Hence, as a precautionary measure, a structured shutdown of the phase three process units of the refinery was undertaken from August 18 to assess the condition of facilities in the vicinity and for immediate stabilisation. Phase three operations of the refinery resumed in a phased manner by September 17 after taking the necessary corrective action," MRPL said in a statement.

Gross revenue from operations stood at Rs 15,262 crore during Q2 FY20 as against Rs 17,733 crore in Q2 FY19. Throughput at the refinery was at 3.68 million tonnes against 3.91 million tonnes last year. Going forward, the MRPL is setting up a seawater desalination plant with a target mechanical completion by October 2020.

(ANI)

Also Read: IIMK, MRPL to support women entrepreneurs


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

W Cape concerned about growing COVID-19 infection rate

The Western Cape has expressed deep concern about the growing infection rate and has since confirmed that it is dealing with a resurgence. This comes after the province reported a 52.1 jump in new cases over the last week alone, after reco...

Uttarakhand govt revises prices of COVID-19 Rapid Antigen Testing, RT-PCR tests

The Uttarakhand government on Thursday fixed the maximum permissible cost for COVID-19 Rapid Antigen Testing across laboratories in the state at Rs 679 and RT-PCT tests at Rs 850 in government hospitals and Rs 900 inclusive of sample collec...

Militant attack in J-K, two security personnel killed

Srinagar,  Nov 26 PTI Two security force personnel were killed in a militant attack on a quick reaction team QRT at Parimpora on the outskirts of the city on Thursday, police said.  The ultras opened fire on the security...

Nepal skipper Gyanendra Malla among three cricketers to test positive for coronavirus

Nepal skipper Gyanendra Malla, along with batsman Rohit Paudel and vice-captain Dipendra Singh Airee have all tested positive for coronavirus. The positive results were announced by the Cricket Association of Nepal CNA ahead of the start of...

Give Feedback