MRPL signs historic Crude Oil Sale Agreement with ONGC

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 by ONGC as the agreement was closed at ‘arms length’ and on par with the regulations applicable to OMCs.

This COSA covers supply of MH Crude from JNPT/JD and Offshore Platform. The approximate value of the crude envisaged to be supplied over a five year
period is Rs. 38500 Crore. ONGC supplies about 11-12 % of MRPL’s crude requirement.

While acknowledging the contributions of Corporate Marketing Group, ONGC, Commercial Group, ONGC and International Trade Group of MRPL, Chairman and Board of Directors of ONGC and MRPL expressed their compliments on the occasion for a win-win situation.

ONGC has already signed the COSA with BPCL, HPCL, IOCL and CPCL and this marks the completion of COSAs with the major buyers of ONGC domestic Crude oil.

This COSA between ONGC and MRPL has been concluded for the first time. Until now, sales were effected through an MOU signed in March, 2003. However, the MoU expired on March 31, 2004 after which it became important for the two entities to enter into a full-fledged commercial agreement governing sale of crude oil. Corporate Marketing Group, ONGC and Commercial Group, ONGC under the leadership of Mr S. K. Thamilselvan, GM (P) Head, Marketing and Mr V. K. Saxena, GM (F), Chief, Commercial respectively negotiated with the International Trade Group, MRPL headed by MrPankajAgarwal, GM (IT) and finalised the COSA. The COSA was approved by the managements of both the companies during June - July, 2013.

Former MLC Octavia Albuquerque NO More

Mangalore:Former MLC Octavia Albuquerque passed away on Wednesday, March 9 in a private hospital in city.She was 92.Octavia Albuquerque was member of Karnataka legislative council from 1970 to 1972. She was member of Congress party. She was also a social worker and a fireband activist all her life. Octavia Albuquerque an ex- MLC , a Rajyotsava awardee, and Founder MBeing the daughter of a Deputy Collector and later through marriage she was the daughter-in-law of the late Felix Pai Albuquerque, the famous tile business magnate of Mangaluru, Smt Octavia got the exposure and opportunity to turn philanthropic dreams and desires into reality. Her husband the late Cyril Albuquerque too was a guiding force and encouragement to her in all her activities. Unfortunately he passed away when she was just 54 years old but yet she did not deter from her set goals of doing good to society.ember of Cheshire Home-. Octavia Albuquerque is an Institution by herself ! in Mangalore, Known to all

First man who landed in Mangalore Airport

First man who landed in Mangalore Airport. War hero Vonthibettu Prabhakar Hegde made the first-ever landing in Mangalore, 59 years ago. His passenger: India’s first prime minister Jawaharlal Nehru . He tells Rajul Hegde the airport is tricky but not unsafe. War hero and pioneering aviator Vonthibettu Prabhakar Hegde won’t forget December 25, 1951, for as long as he lives.On that day the retired wing commander, now a spry 84, then an air force flight lieutenant, flew India first prime minister Jawaharlal Nehru on the first-ever flight to Mangalore airport (then called Bajpe Aerodrome) on a DC-3 (Dakota).Talking about the maiden flight from his home in Bangalore, Wing Commander Hegde told us, “When I landed for the first time at Bajpe, they were just digging and levelling the hill to build the runway. So it was just a non-tarmac, level ground, there was no airport as such. But the DC-3 is a small aircraft and it was easy for me to land it.”On being asked Nehru’s observation or if he comm

Veteran freedom fighter B V Kakkilaya passed away

Mangalore, Jun 4: Veteran freedom fighter and well-known leader of the Communist Party of India (CPI) and former member of Parliament B V Kakkilaya passed away at 2 am on Monday June 4. He was 93. Kakkilaya was admitted to a private hospital on May 23 and was being treated for brain haemorrhage. He was on ventilator and his condition is said to have deteriorated two days ago. Born on April 11, 1919, Kakkilaya was the pioneer of the Karnataka unification movement. A prolific writer and scholar, BVK, as he was popularly known, was involved in several people’s movements since his early days and was instrumental in setting up the All India Trade Union Congress (AITUC) in Karnataka. He played an important role in bringing about land reforms in the state. Apart from being member of the Rajya Sabha in 1952-54, he was also a legislator in the Karnataka assembly from Bantwal in the 1970s. In the 1940s, he participated in the Quit India Movement and many other freedom struggle

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