Mangalore Refinery and Petrochemicals (MRPL) is reportedly in discussion with Colombia's Ecopetrol to buy term crude oil and is exploring purchases of Iraq's Basra Heavy grade to diversify supplies and improve margins. The state-run refiner is aiming to get its first cargo of Colombia's Castilla crude by November.
Currently, MRPL relies on the Middle East for most of its heavy crude needs. The company meets about 80 percent its oil needs through heavy crude and the remainder through light oil.
MRPL, a subsidiary of state-run exploration firm Oil and Natural Gas Corporation (ONGC), runs a coastal refinery in southern Karnataka state with a capacity of 300,000 bpd.
