Kochi Refineries signs MoU with Bharat Petroleum

James Paul
23 March 2004

Kochi: The public sector Kochi Refineries Limited (KRL) has signed a memorandum of understanding (MoU) with its parent unit, Bharat Petroleum Corporation Limited (BPCL), with respect to performance parameters for the year 2004-05.

The MoU envisages a crude oil throughput of 7.55 million metric tonnes with a turn over of Rs.9, 500 crore for the financial year 2004-05. At a gross margin of Rs.470 crore for the financial year, it pegs its gross profit at Rs.352 crore. The MoU was signed by the BPCL Chairman and Managing Director, S Behuria and the KRL Managing Director B K Menon at Kochi.

Other parameters, as set out in the MoU, were with respect to bitumen sales, which have been pegged at 1, 45,000 metric tonnes, the development of an ecological park, setting up of infrastructure facilities for rain water harvesting, and setting up of crude oil receipt facilities, including single buoy mooring (SBM). The quality assurance targets include implementation of ISO 9001 and ISO 17025.

The KRL has constantly achieved a ''excellent'' rating every year, ever since signing its first MoU with the Petroleum Ministry in 1991-92.

Kochi Refineries Limited was acquired by BPCL last year.