Mangalore Refinery & Petrochemicals Ltd. (MRPL) has acquired 1,24,66,53,746 equity shares of ONGC Mangalore Petrochemicals Limited (OMPL).

 

MRPL Board has, in its 232nd meeting held on October 19 approved acquisition of 1,24,66,53,746 equity shares of Rs.10 each of ONGC Mangalore Petrochemicals Limited (OMPL), a subsidiary of Mangalore Refinery & Petrochemicals Limited (MRPL) from Oil and Natural Gas Corporation Limited (ONGC) (an existing shareholder of OMPL). The acquisition is subject to customary consents and approvals.

 

MRPL was holding 51.0017% of the paid up equity of OMPL, which has been increased to 99.9998% pursuant to the acquisition of equity shares from ONGC. The integration/reorganisation of MRPL Group companies is expected to yield additional synergy benefits for the group. 

 

OMPL, a subsidiary of MRPL, is a joint venture between ONGC and MRPL, set up for value addition of excess Naphtha and Aromatic streams available from MRPL Refinery. 

 

OMPL was incorporated on 19th December 2006 and is located adjacent to MRPL in the Mangalore SEZ, spread around 441 acres of land. Majority of the feed stocks (Naphtha and aromatics streams) generated by MRPL Refinery Complex is being processed to produce Para-xylene and benzene m OMPL. Paraxylene and Benzene are exported through a dedicated 14 Km long pipeline corridor through New Mangalore Port Trust Jetty. OMPL has a provision to operate on imported Naphtha and has a dedicated import pipeline.

 

The complex is designed to produce 900 KTPA of high purity Para-xylene and around 273 KTPA of high purity Benzene. products which are sold internationally. Paraxylene process Licensor ts UOP, USA, a world renowned Licensor for energy efficient processes.