NRL to Import 5 MMTPA Crude Oil for Upgraded Numaligarh Refinery

NRL's expansion project requires significant crude oil import, while the company celebrates achievements and sustainability commitments at its 30th Annual General Meeting.
NRL to Import 5 MMTPA Crude Oil for Upgraded Numaligarh Refinery
NRL to Import 5 MMTPA Crude Oil for Upgraded Numaligarh Refinery

In a major development, Numaligarh Refinery Limited (NRL) has announced plans to import 5 million metric tonnes per annum (MMTPA) of crude oil to supply its Numaligarh Refinery, which is currently undergoing an upgrade from 3 MMTPA to 9 MMTPA.

This announcement was made during the press conference following the 30th Annual General Meeting (AGM) of NRL, where Chairman Dr. R Rath and MD Mr. B J Phukan shared significant insights and achievements.

Notably, Oil India Limited and ONGC jointly produce approximately 4 MMTPA, but this production alone would not suffice to meet the demands of the expansive refinery upgrade. The upgraded NRL is anticipated to be commissioned by March 2025.

During the virtual AGM, NRL declared a final dividend of Rs. 235.40 Crore for the fiscal year 2022-23, in addition to an interim dividend of Rs. 882.76 Crore, resulting in a total dividend payout of Rs. 1,118.16 Crore. This represents 30.20% of NRL's Profit After Tax (PAT) for the year.

Expressing gratitude to shareholders for the recent upgrade of NRL from Schedule – B to Schedule A CPSE by the Government of India, Dr. Rath emphasized the company's remarkable achievements over its 30-year journey.

In terms of performance, NRL reached several milestones in the fiscal year 2022-23, including record-high capacity utilization, the highest-ever revenue from operations, and profits. The refinery operated at over 100% capacity, processing 3,091 TMT of crude oil and achieving a Distillate Yield of 87.7% with excellent Specific Energy Consumption (SEC) of 61.7 MBN. The Gross Refinery Margin (GRM) reached $19.86 per barrel, driven by favorable international crude oil and product prices.

The company's marketing performance also saw improvement, with a total sales volume of 3,016 TMT, marking an 11% increase over the previous year in the Northeast. Additionally, 50 TMT of Gas Oil was exported to Bangladesh.

NRL's Profit After Tax (PAT) for the year surged to Rs. 3,703 Crore, marking a significant increase compared to the previous fiscal year. The company's revenue from operations reached a record high of Rs. 29,786 Crore, showing a YoY increase of 26%. Earnings per Share (EPS) also saw growth, rising to Rs. 25.17, while the net worth increased to Rs. 11,427 Crore.

The company is actively engaged in several capital investment projects, including the 'India-Bangladesh Friendship Pipeline (IBFPL),' which was jointly inaugurated by the Prime Ministers of India and Bangladesh in March 2023. Other projects in the pipeline include the Numaligarh Refinery Expansion Project (NREP), Paradip Numaligarh Crude Oil Pipeline (PNCPL), Crude Oil Import Terminal at Paradip (COIT), and a 2G Ethanol Project (JV project). Furthermore, a Polypropylene project with a capacity of 360 KTPA was approved at a cost of Rs. 7,231 Crore. Over the next five years, NRL plans to invest more than Rs. 35,000 Crore in these projects, anticipating long-term business growth in both revenue and profit.

Demonstrating its commitment to sustainability, NRL has announced a roadmap to achieve Net Zero emissions by 2040. Notably, the company included a Business Responsibility and Sustainability Report (BRSR) in its Annual Report, showcasing its dedication to sustainable development.

The 30th AGM of NRL showcased the company's outstanding performance, growth prospects, and commitment to environmental sustainability, reinforcing its position as a key player in the Indian oil and gas industry.

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