News Oil & Gas

MRPL share price: Russian oil discounts have reduced, says MRPL


Discounts on Russian oil sales have reduced from levels seen in June quarter, said Vivek C Tongaonkar, head of finance at Indian refiner Managlore Refinery and Petrochemicals Ltd.

He did not say by how much the discounts had reduced.

Indian refiners, which rarely bought Russian oil in the past, have been snapping up discounted barrels after Western buyers shunned purchases from Russia following its invasion of Ukraine.

MRPL’s Russian oil processing is in line with the national average of 35%-40%, Tongaonkar said on Wednesday at the company’s post quarterly earnings analyst call.

He said firm had no plans to import Russian oil in the immediate future.

During the call, a company executive said MRPL planned maintenance at crude unit-II at its 300,000 barrels per day refinery in the September quarter of next year. The refinery has three crude units.


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