Monday 15th July 2024

Numaligarh Refinery Ltd Upgraded to Schedule A CPSE

Jul 8th, 2023 6:39 pm | By | Category: SPECIAL NEWS COVERAGE


(THE NEWSMAN OF INDIA.COM)
06-07-2023 Numaligarh Refinery Limited (NRL) has been upgraded from Schedule B to Schedule A CPSE by the Government of India. This is a significant milestone for NRL. The upgradation to Schedule A was notified by the Ministry of Petroleum and Natural Gas on 4th July 2023. This upgradation to Schedule A recognises NRL’s strong financial performance and operational efficiency and contribution to the economic development of the Northeast region.

NRL ranks among the top 20 CPSEs in India, both in terms of sales revenue and profitability. Among the Indian PSU refineries, NRL is considered as a high performing model refinery with industry leading figures in terms of distillate yield, specific energy consumption and gross refining margin. Marking its international presence, NRL has commenced export of petroleum products to the neighbouring countries and has acted as a catalyst in promoting the Act East Policy of Govt. of India.

NRL is the largest refinery in Northeast India, with a capacity of 3 million metric tonnes per annum (MMTPA) and is currently implementing a mega refinery expansion project to triple its refining capacity to 9 MMTPA along with laying a trans-national crude oil pipeline from Paradip in Odisha. NRL is currently implementing projects involving investments to the tune of Rs. 35,000 crores in the region and is recognised as one of largest investments in the oil and gas sector.

The upgradation to Schedule A will now make NRL eligible to achieve the status of Navratna which in turn will give higher financial autonomy. This will allow the company to undertake larger and more complex projects, take speedy decision in creating joint ventures, strategic partnerships and special purpose vehicles for strategic growth.

The upgradation to Schedule A is a significant boost to NRL’s endeavour towards achieving net zero goals and will play a critical role in the current energy transition mission in the oil and gas sector in the country

Government News

Comments are closed.