Mangalore Refinery and Petrochemicals (MRPL) is planning to reduce its annual import deal with Tehran by as much as 44 percent to 80,000 barrels per day (bpd) in the next fiscal year as western sanctions make trade more difficult. The cuts in oil imports from Iran by MRPL would entail a cut of more than 20% in India’s total purchases of Iranian oil in 2012-13.
That would come as Iran’s other leading Asian buyers like China and Japan make similar reductions in imports from Tehran. Iran is India’s second-biggest oil supplier after Saudi Arabia.
MRPL posted a 65.02% fall in net profit of Rs 109.75 crore for the quarter ended December 31, 2011 as compared to Rs 313.76 crore for the same quarter in the previous year. However, total income increased by 24.96% from Rs 10368.02 crore for Q3FY11 to Rs 12955.59 crore in the quarter under review.
