MRPL shares jump 7% after three day decline, eyes Venezuelan oil purchases
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Shares of Mangalore Refinery and Petrochemicals Ltd (MRPL) rose as much as 7%, reaching an intraday high of Rs 149.40 on the NSE during Wednesday’s trading session. The sharp rebound followed a three day losing streak. The recent decline was triggered by comments from company executives stating that MRPL, a state run oil refiner and fuel retailer, is not importing Russian crude due to Western sanctions and is exploring purchases of Venezuelan oil. According to Devendra Kumar, MRPL’s head of finance, the company is considering Venezuelan crude purchases as it halts Russian oil imports to remain compliant with international sanctions. “We are in strict compliance with all sanctions in place, and currently no Russian crude is being imported,” Kumar stated during an analyst call. MRPL operates a 500,000 barrel per day refinery in Karnataka and exports roughly 40% of its refined fuel output. Prior to the recent three day dip, the stock had sur...