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MRPL plans to resume import of crude oil from Iran next month

01 Aug 2013 Evaluate

Mangalore Refinery and Petrochemicals (MRPL) is planning to resume importing crude oil from Iran next month. The company is planning to buy 1.15 million tonnes of oil from the spot market. The company is planning to import 2.75 million tonnes and 2.5 million tonnes from Saudi Arabia and Abu Dhabi respectively. Kuwait will give 1.35 million tonnes, while 0.55 million tonnes will come from Oman and West Africa each.

Further, The company will get 1.7 million tonnes of Mumbai High oil produced by its parent Oil and Natural Gas Corporation (ONGC) and about 0.40 million tonnes from Mangala oilfields of Cairn.

MRPL and Hindustan Petroleum Corporation (HPCL) stopped imports from Iran in April as insurance companies declined to extend full coverage to refiners processing Iranian crude.

Peers
Company Name CMP
Reliance Industries 1223.30
Indian Oil Corpn. 128.55
Bharat PetroleumCorp 293.55
HPCL 348.40
MRPL 174.85
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