Arun Kumar Singh, Chairman of Mangalore Refinery and Petrochemicals Ltd (MRPL), emphasized that the Government’s position on crude oil purchases from Russia is clear. Singh stated, “The Government has already answered this — India will continue to buy crude from Russia.”
Why India Cannot Stop Buying Russian Oil
Singh explained that halting Russian crude imports could trigger a sharp spike in global oil prices. India and China are among the largest crude buyers globally, and removing such significant volumes from the market would create severe shortages elsewhere.
“Given our large population, India cannot afford either high costs or insufficient supply of oil. Buying Russian crude is in the best interest of both the country and the world,” he said.
He further stressed that one of the biggest considerations for MRPL—and for India—is the price of crude. “We are a crude-deficient country. If crude prices shoot up, it will badly impact our economy,” Singh noted. India currently spends around $150 billion annually on crude oil imports.
MRPL to Focus on Domestic Market and Retail Expansion
MRPL Managing Director MS Kamath revealed that the company aims to reduce its exports and strengthen its domestic presence. “The realisation in the domestic market is better than exports,” Kamath said, adding that MRPL has set a target to sell one million tons of motor spirit and diesel through its retail brand by 2029-30. The company also plans to establish 1,000 retail outlets by
2029-30.
Currently, MRPL operates retail outlets in Karnataka, Kerala, and Tamil Nadu. It is now expanding into Andhra Pradesh, where it recently closed advertisements for retail expansion across eight districts. “We are confident that we will have at least five retail outlets in Andhra Pradesh by the end of this financial year,” Kamath added.
Diversification into Niche Products and Pharma Intermediates
As reported by thehindubusinessline.com, MRPL is also exploring new business verticals. Last year, the company introduced toluene as part of its niche product portfolio. Additionally, it is venturing into active pharmaceutical intermediates. “Our first demo plant for isobutyl benzene is nearing completion and will be ready for commissioning by November,” Kamath said.
