MRPL Partners with ISPRL for Crude Oil Storage

Mangalore Refinery and Petrochemicals Limited (MRPL) has entered into a Memorandum of Understanding (MoU) with Indian Strategic Petroleum Reserves Limited (ISPRL) to lease ISPRL’s underground caverns for crude oil storage. This partnership is to bolster MRPL’s crude storage capacity, for supply security and mitigating risks associated with global market volatility.

Agreement Details

The MoU was signed on Tuesday at MRPL’s office in Mangaluru by MRPL Executive Director (Refinery) B Sudharshan and ISPRL Deputy CEO Atul Gupta. The signing was witnessed by MRPL Managing Director Mundkur Shyamprasad Kamath and ISPRL CEO and MD L R Jain. This collaboration allows MRPL to lease storage at ISPRL’s facilities, reducing its capital expenditure while improving operations.

Location Benefits

Officials highlighted the advantage of ISPRL’s storage sites being located near MRPL’s refinery and the coast. This proximity is expected to lower transportation costs and facilitate seamless logistics, providing efficiency in operations. 

CSR Contribution to Healthcare

In addition to the MoU, MRPL has donated advanced ophthalmology equipment worth ₹30 lakh to Government Wenlock Hospital in Mangaluru as part of its CSR initiative, Arogya Samrakshan. The donation includes a Topcon 3D Optical Coherence Tomography (OCT) machine and a Topcon Slit Lamp. These instruments are aimed at improving the early detection and treatment of eye diseases.

Supporting Regional Healthcare

The equipment will benefit patients across Dakshina Kannada, Udupi, Hassan, and Davangere districts in Karnataka, as well as Kasaragod district in Kerala. The formal handover took place through a Letter of Intent presented by MRPL officer Steevan Pinto to the District Medical Officer.

Mangalore Refinery and Petrochemicals Ltd (MRPL) is trading at ₹148.40 as of 12:57 PM on January 8, showing a gain of ₹3.88 (2.68%) today, a 10.83% increase over the past year, but a decline of 32.20% in the past six months.

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