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Mangaluru, Aug 09.2015: D.K. Sarraf, Chairman, Mangalore Refinery and Petrochemicals Ltd. (MRPL) and also the Chairman and Managing Director of Oil and Natural Gas Corporation Ltd. (ONGC), said here on Sunday that MRPL has plans to open 100 more retail outlets in and around Karnataka.
Addressing presspersons in Mangaluru on Sunday, Saraff said, “A team is already working on it in terms of policy formulations, infrastructure, and is talking to our other business partners. All those actions are being taken place and very soon we will come out with a formal announcement of rolling out our retail plans.”
Mr. Sarraf said that the MRPL had retail plans approved by its Board. But it could not be rolled out as the market situation changed. “This is the best time to roll out the retail plans. We have considered that in the board twice and the board is fully convinced that there is need to roll out our retail plan.”
Mr. Sarraf said that ONGC had decided not to do retail outlet business. The ONGC licences would be used by MRPL. “In terms of regulatory approvals, there will not be difficulty. We will come out with plans for more retail outlets on our experience and the progress we make in the first phase.”
The chairman said that he could not fix any time frame for achieving 100 retail outlets. “It is difficult to say at this moment. But we intent to roll out 100 outlets.”
The chairman said that the phase-III refinery expansion of MRPL also involved the production of pet coke solid product started last year. Marketing of that product along with sulphur has stabilised. “This is also going to contribute to our bottom line.”
He said that MRPL and ONGC Mangalore Petrochemicals Ltd. would be merged. The boards of two companies have approved the merger. “Formalities in terms of various regulatory approvals are in way,” he said.
Vishnu Agrawal, Director(Finance) and M Venkatesh, Director(Refinery) were also present