India's Mangalore Refinery and Petrochemicals Ltd plans to phase out fuel exports in the next two to three years as it expands its local retail network to diversify its sources of revenue, its managing director said.
plans to phase out fuel exports in the next two to three years as it expands its local retail network to diversify its sources of revenue, its managing director said., operates a 300,000 barrel-per-day coastal refinery in southern Karnataka state, mostly supplying the state refiners that own about 90% of India's retail fuel stations and exporting the remainder.
"When refining margins are low make a handsome profit because marketing margins are good. It gives a natural hedge if we have marketing margins," Varma said. "Our plan is to go for zero exports as we would like to push volumes through our retail outlets," Varma said. MRPL would cut crude imports from countries including Russia in August and September because of the outage, Varma said.
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