Mangalore Mirror...

Mangalore,Aug.13:Mangalore Refinery and Petrochemicals Ltd said on Monday it expects to receive an Iranian oil cargo by the end of this week, the firm's first purchase from the sanctions-hit nation since April. The resumption of shipments by MRPL, Iran's top Indian client until the firm halted imports in April, will boost India's flagging Iranian oil imports, which more than halved in June from a year ago. MRPL and Hindustan Petroleum had stopped purchases due to difficulties getting insurance for refineries processing Iranian oil, forcing New Delhi to look at providing its own reinsurance after European firms backed out over sanctions. "It (the cargo) was loaded at Kharg (island) on 8th and 9th of this month and is likely to reach Mangalore by the end of this week," MRPL's managing director P.P. Upadhya said, adding the firm planned to lift four Iranian oil cargoes this month. India is thinking of providing a Rs 20 billion ($327 million) state guarante

Mangalore,Aug.06:. Forging a powerful bond to succeed, a landmark agreement, the Crude Oil Sale Agreement (COSA), was inked between ONGC, India’s premier E&P company and a Maharatna,   and Mangalore Refinery and Petrochemicals Limited (MRPL), a mini ratna Cat 1 and subsidiary of ONGC,   on 2 nd August for supply of Crude Oil. The COSA was signed by MrYash Malik, GGM – Chief Marketing,   ONGC and MrPankajAgarwal, GM (IT) MRPL in the presence of   ShriSudhirVasudeva, Chairman, ONGC Group of companies, Mr K.S Jamestin, Director (HR), Mr A.K. Banerjee, Director (Finance), Mr P.K Borthakur, Director (Offshore) – I/c Marketing and Mr Vishnu Agarwal, Director (Finance), MRPL.   This COSA is significant   for both ONGC and MRPL as it is a FIRST and also   due to the parent- subsidiary relationship. The manner in which COSA was worked out further   cements the strict Corporate Governance   practiced