Indian Refiner Drops Expansion Plan To Focus On Petrochemicals

Mangalore Refinery and Petrochemicals Limited (MRPL), a major Indian refiner, is shifting its focus on petrochemicals and has shelved plans to expand its refinery capacity to “de-risk” its future in the energy transition. MRPL, whose parent company is Indian state-held company Oil and Natural Gas Corporation Limited (ONGC), is looking to boost its petrochemicals capacity, MRPL’s managing director Sanjay Varma told Bloomberg in an interview published on Wednesday. Expanding the petrochemicals capacity could cost up to $5.7 billion,…