MRPL signs MoU with ISPRL for crude oil storage

PTI, Jan 7, 2025, 8:02 PM IST

Mangaluru (Karnataka): Mangalore Refinery and Petrochemicals Limited (MRPL) signed a Memorandum of Understanding on Tuesday, January 7, with Indian Strategic Petroleum Reserves Limited to utilise ISPRL’s underground caverns for crude oil storage.

The partnership aims to enhance MRPL’s crude storage capacity, ensuring supply security and mitigating risks arising from global market volatility.

The agreement was signed at MRPL’s office in Mangaluru by Executive Director (Refinery), MRPL, B Sudharshan and ISPRL Deputy CEO Atul Gupta, in the presence of MRPL Managing Director Mundkur Shyamprasad Kamath and ISPRL CEO & MD L R Jain.

Under the agreement, MRPL will lease storage at ISPRL’s facilities, reducing capital expenditure while improving operational flexibility.

Officials stated that the strategic location of ISPRL’s storage sites, close to MRPL’s refinery and the coast, would help cut transportation costs and facilitate smoother logistics. The collaboration is expected to support India’s energy security efforts while optimising MRPL’s crude procurement strategies.

MRPL has also donated two advanced ophthalmology equipment to Government Wenlock Hospital in Mangaluru. Topcon 3D Optical Coherence Tomography (OCT) and the Topcon Slit Lamp were provided by MRPL under its CSR initiative, Arogya Samrakshan.

The equipment, valued at Rs 30 lakh, aims to improve early detection and treatment of eye diseases.

Government Wenlock Hospital caters to patients from Dakshina Kannada, Udupi, Hassan and Davangere districts in Karnataka as well as Kasaragod district in Kerala.

The equipment was formally handed over through a Letter of Intent (LoI) presented by MRPL officer Steevan Pinto to the District Medical Officer (DMO).