Mangalore : Speaking at the press meet after the 23rd Annual General Meeting A. K. Hazarika, the chairman of Mangalore Refinery and Petrochemicals Limited (MRPL), said that MRPL’s Phase III, will be implemented with the purpose of enhancing profit by raising refining capacity to 15 MMTPA, will start functioning by January next year.

Further he said that when the final implementation of the Phase III will be ready, MRPL will be able to process higher sulphur/high acid and heavy crude oils, produce value-added products such as propylene, and upgrade its total diesel pool to superior Euro III/Euro IV grade.

Mr. Hazarika the implementation of phase III will be done at the total cost of Rs. 12,160.26 crore said that the value of orders placed on July 15 is Rs. 10,194 crore and that the project has achieved an 86.2 percent progress as opposed to the schedule target of 97.4 percent on Aug 15.

Speaking on the MRPL’s market share, he said that it is in sale of sulphur and bitumen is 93 percent and 63 percent, respectively, he said that the direct sale of these products has resulted in a turnover of Rs. 2,271 crore.

P. P. Upadhya, the director (technical) of MRPL, and Vishnu Agarwal, the director (finance), were also present.