Kochi Refineries plans Rs 3000 crore investment

Our Corporate Bureau
04 May 2004

Kochi: The Kochi Refineries Ltd. (KRL), a subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has envisaged an investment plan of Rs3000 crore according to its chairman S Behuria, and managing director B K Menon. The development projects in various segments will be completed by 2010, they said.

This includes the Rs273-crore phase I of the capacity expansion-cum-modernisation project for quality upgradation of petrol and diesel to meet Bharat 'stage II' emission norms, which will be completed in December 2004. The Rs2000-crore phase II of the project to meet Euro III emission norms, slated to be commissioned by 2010.

After having completed other formalities, KRL is awaiting clearance from the Ministry of Environment and Forests for Rs623 crore single-buoy mooring (SBM) for independent crude oil receipt facilities. The scheduled date of completion is July 2006.

KRL is examining the option of expanding its retail outlet with concurrence of BPCL. It proposes to open about 300 outlets mostly in Kerala and parts of Tamil Nadu and. The company is also exploring steps to revive its earlier LNG power project in Karnataka in the wake of new norms for independent power producers.

With a rise in its net profit of 21 per cent, KRL has declared 120 per cent dividend for the year 2003-04 as against 100 per cent in the previous year. The company, has clocked all-time-high net profit of Rs555 crore for the year (Rs456 crore in 2003-03) on a turnover of Rs9,863 crore, up from Rs9,267.6 crore, last year.

KRL's crude oil throughput of 7.853 million tonne achieved during the year showed a capacity utilisation of 104.7 per cent surpassing the target of 7.55 million tonne. KRL also enhanced production of LPG, petrol, mineral turpentine oil, natural rubber modified bitumen, sulphur ,etc.