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MRPL Signs Pact with ISPRL to Use Cavern Storage Facility

Mangalore Refinery and Petrochemicals Limited (MRPL) has signed an agreement with Indian Strategic Petroleum Reserves Limited (ISPRL) to utilize the storage capacity from ISPRL’s caverns.
 

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

Mr. Kamath said the agreement enables MRPL to enhance its crude oil storage capacity, thereby mitigating risks associated with the volatility of global crude oil markets.
 

MRPL in a statement said leasing ISPRL’s caverns eliminates the need for constructing and maintaining standalone storage facilities, significantly reducing costs. The proximity of ISPRL caverns to MRPL and the coast minimizes transportation costs and transit times. The partnership ensures uninterrupted access to crude oil, even during global supply chain disruptions and storing diverse grades of crude oil as per MRPL’s requirements provides operational adaptability. By opting for leased storage, MRPL can allocate capital to other critical areas of its operations.

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