ONGC & MRPL withdraws from Kakinada Refinery and special economic zone
The Management of Oil and Natural Gas Corporation Ltd. (ONGC) and its subsidiary Mangalore Refinery & Petrochemicals Ltd. (MRPL) has been considering ways and means to establish a Greenfield refinery in the SEZ at Kakinada. There have been various issues affecting the steering of Projects of Kakinada Refinery & Petrochemicals Ltd. (KRPL) and Kakinada Special Economic Zone (KSEZ).
Considering these various factors, the Management of ONGC and MRPL feel that it will be appropriate not to continue as equity partners in these two projects.
Accordingly, in the meeting of Board of Directors of KRPL and KSEZ held on 23rd June 2008, the Management of ONGC and MRPL has informed that they have decided to withdraw from the two Projects with immediate effect.
ONGC’s proposed equity participation, through its subsidiary MRPL, was 46% in KRPL and 26% in KSEZ.
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