History of Kochi Refineries Ltd.
1963
- The Comp. was Incorporated on 6th September in Kerala State. The Company entered into a technical services agreement with Phillips Company for technical services necessary for operation of the refinery. In September the Comp. adopted the refinery construction contract with Phillips Petroleum International Corporation.
- The Government of India, Phillips Petroleum Co., Ltd., & Duncan Bros. and Co., limited subscribed respectively for 3,57,000 shares [51%s], 1,75,000 shares [25%s] & 14,000 shares [2%s]. Kerala Government subscribed for 50,000 shares & LIC for 46,000 shares. 58,000 shares offered to the public in February 1964.
ok installation of air pre-heaters for crude charge furnaces. Approval from Government was also obtained for installation of 5 storage tanks.
1987
- 4,66,667 Rights shares issued at par in crop. 2:3. Only 3,00,376 shares taken up.
1988
- A capacitor bank of 3000 KVA was added to the electrical system for improving the power factor & also a high efficiency new boiler was installed in place of two old low efficiency boilers.
- During October Phillips Petroleum Co., U.S.A. had divested the entire holding of 1,85,007 equity shares of Rs 100 each at a premium of Rs 100 per share. Of the above, 46,250 shares to UTI, LIC, GIC & its subsidiaries & 9,250 shares to employees [including Indian working directorss]/workers were offered. The balance 1,29,507 shares, along with the unsubscribed portion out of quota for financial institutions & employees, were offered to the public.
- The Comp. made two rights issues of equity shares at par during February-March & during February-March 1989. Both these issues were undersubscribed, the unsubscribed portions being 1,66,291 shares out of the 1988 issue & 1,54,686 shares out of 1989 issue totalling 3,20,977.
- 60,02,256 Rights shares issued at par in prop. 6:1 [Only 58,47,570 shares taken ups]. Allotment of 330 shares pending court cases.
1989
- During August the Comp. established facilities to manufacture 12,000 tonnes per annum of toluene.
- During July the Comp. proposed to dispose of shares as under:
- [is] 43,193 shares allotted, 33,333 shares at par to Kerala State Industrial Development Corporation limited [KSIDCs], Kerala Government Organisation;
- [iis] About 12,000 shares at par to the existing shareholders who could not avail of rights issue;
- [iiis] About 12,000 shares at par to employees at 10 shares per employee and
- [ivs] The balance to the public at a premium to be fixed by the Controller of Capital Issues.
1991
- The capacity utilisation of 108% was achieved & turnover amounted to Rs 1486.14 crores. This was attributed to an all time high production of liquefied petroleum gas, aviation turbine fuel, aromatics etc.
- The Comp. implemented the advanced control process optimisation technology phase i in the crude unit. During the year, the Company undertook to set up a tank gauging system for monitoring and controlling vital operations providing real time data on gauging and inventory, tank capacities available storage volume, gas volume etc.
- Government approval was received for increasing benzene production capacity to 2,10,000 TPA at an estimated cost of Rs 308.38 crores with a foreign exchange component of Rs 37.57 crores. During the year the Company undertook implementation of six nos. crude tanks of 55,000 tonnes capacity each & connected facilities. The Comp. also undertook to promote various downstream petrochemical projects based on feedstock from refinery.
- It was proposed to make a total investment of Rs 350 lakhs for production of polybutenes maleic anhydride, methyl ethyl ketone in collaboration with other companies.
- A waste heat recovery system utilising the heat available in light cycle oil, heavy naphtha etc. was commissioned with a view to save 3680 Standard Refinery fuel in tonnes.
- The Comp. commissioned a 20 MW captive power plant set up at a cost of Rs 68.0 crores.
- Equity shares subdivided effective 7.2.1992. 500 shares allotted.
1992
- Government approval was received for expansion of refining capacity from 4.5 million tonnes to 7.5 million tonnes.
- Facilities were begin installed for production of petroleum hydro-carbon solvent at a capital cost of Rs 4.75 crores. Government seeking approval for preparation of feasibility report for installing a new pipe line having a capacity of 4000 tonnes per hour from Cochin port to the refinery for bringing crude.
- The Comp. installed Distributed Digital Control System in all its process units. Existing Pneumatic Control System of boilers colling water system, instrument/plant air system & TG set were being changed to Distributed Control System.
- The Comp. considered major diversification into national priority areas such as power, chemicals, petrochemicals, bio-technology and related areas.
- The Comp. signed a Memorandum of Understanding with Balmer Lawrie & Co., to promote a joint venture to set up a polybutenes project with a capacity of 5,000 tpa. The process technology for project was to be provided by M/s. Chevron Inc., U.S.A.
- Seperately, a feed preparation unit for polybutenes plant was being installed within the Company refinery which could also be utilised as a mother unit for other petrochemicals like propylene trimer/tetramer, maleic anhydride, methyl ethytl ketone, etc.
- The Research and Development unit developed value added products from various refinery stream, catalytic process for desulphurisation of fuel gas, crude evaluation studies, improved new catalysts for fluid catalytic process etc.
1993
- Another 2,160 shares of Rights Equity Issue allotted.
1994
- A capacity utilization of 105.66% was achieved & during the year, the Comp. commenced manufacture of mineral turpentine oil. During the year, approval was received from the Government for marketing free trade & speciality products in the benzene, toolene & petroleum hydrocarbon solvent.
- The project to expand crude refining capacity by 3 MMTPA from existing 4.5 MMTPA was commissioned in December. In addition, a sulphur recovery unit of 18 T/day capacity was also commissioned in March 1995. Also, revamping of fluidised catalytic cracking unit to increase capacity to 1.4 MMTPA & the waste water treatment plant and tertiany treatment respectively.
- Necessary approvals were received from Government for exploring the possibility of setting up a gross root refinery of 10 MMTPA capacity. It was also proposed to set up a 500 MW power generation plant.
1996
- In line with the guidelines frame by Ministry of Petroleum & Natural Gas, the Comp. chose Indian Oil Corporation limited to market APM covered petroleum products manufactured by Comp. for the period upto 31st March 1998.
- The Comp. proposed to increase the oil refining capacity from 7.5 MMTPA to 10.5 MMTPA. In order to bring down the sulphur content in high speed diesel from existing level of 1% to 0.25%, to reduce environmental pollution, a diesel hydro desulphurisation plant was proposed to be installed.
- A proposal for selling up of storage tanks required for imported crude oil to cover operating requirements for 45 days as per OCC norm was submitted to the Government of India for stage-1 clearance.
1997
- The Comp. achieved an all time record crude oil throughout of 7.74 [MMTPAs] against installed capacity of 7.5 [MMTPAs], & a capacity utilisation of 103.15%. During the year, the Comp. won Safety Award 1996 by British Safety Council in recognition & commendation of services rendered in the cause of safety & OISD Safety Award for best performance in safety among all refineries competing under Group II for the Year 1995-96.
- As a part of recycling/pollution control the Closed Tank Farm Drainage Project costing Rs 6 crores was commissioned. With this the Company can collect all the oily sewage water from the storage tanks into the oily-water pond & recover oil for further processing, at the same time controlling ground water pollution.
- The Comp. undertook setting up a Diesel Hydro Desulphurisation project for reducing sulphur content in diesel to 0.25%.
- The proposed 500 MW power generation project at Ambalamugal based on residual steam available at the refinery. The Government of India granted stage-1 clearance in February. The Comp. aim to reduce the power shortage in the State of Kerala.
- The first GoI refinery to go public in 1988, Cochin Refineries Ltd [CRLs] was incorporated in 1963 as a JV between GoI, Duncan brothers and Phillips Petroleum, USA.
- Cochin Refineries Ltd [CRLs] would form an independent joint venture company to set up & run its proposed 500 MW power plant which is estimated to cost of Rs.1,750 crores using feedstock from the refinery. The total share capital of Comp. would be around Rs.480 crores.
- Cochin Refineries Ltd, one of biggest industrial units in Kerala, has shut down all its production units owing to water scarcity. The Ambalamugal unit of Hindustan Organic Chemicals is also on the verge of closure. Carbon & Chemicals Limited [Cacils] has also stopped functioning for all practical purposes.
1998
- The Cochin Refineries Ltd [CRLs] has selected the consortium of CEA Ambalamugal Energy Co Ltd & Larsen and Toubro Ltd as joint venture partners for its proposed 500 mw power generation project.
- The Union government is considering a strategic alliance between IBP Ltd & three public sector refineries - Cochin Refineries Ltd [CRLs], Bongaigaon Refineries Petrochemicals Ltd [BRPCLs] & Madras Refineries Ltd [MRLs].
- The Cabinet Committee on Economic Affairs approved state-owned Cochin Refineries Ltd, proposal for a joint venture with multinational CAEC, Larsen & Toubro Kerala State Electricity Board for its 500 mw power project at ambalamugal in Kerala.
- CRBLL, was the first ever joint venture between two public sector undertaking Cochin Refineries Ltd & Balmer Lawrie Ltd promoted in the year 1994.
- State owned Cochin Refineries Limited has entered a five-year agreement with the Indian Oil Corporation for nationwide marketing of its petroleum products.
1999
- The ministry of petroleum & natural gas is keen on Bharat Petroleum forging an alliance with Madras Refineries & Cochin Refineries before going ahead with the Bina refinery.
- IOC has entered into a five-year marketing agreement with CRL & is in the running with BPCL to forge a similar pact with MRL.
2000
- The Comp. has restarted its 28,000 barrel-a-day residue fluid catalytic cracker that has been down since June 1. The Comp. has shut down the RFCCC on June 1 for some 'emergency repairs'.
- The Board has approved a 1:1 issue of bonus shares to its existing shareholders.
2001
-Proposal of KRL to instal single point mooring in the sea outside the jurisdiction of Cochin Port Trust to handle crude oil tankers has suffered setback due to the objections raised by Navy.
-Government has agreed for merger of CRBL with Kochi Refinery at an equity swap ratio of 25:2.
-BPCL marketing director has been nominated to KRL board, after it has acquired 55.04% equity in KRL from the government.
-Parliamentary panel has criticised the government for delay in granting the approval to Rs4320cr expansion programme of KRL..
-Kochi Refineries Ltd has completed its LPG enhancement project which envisages additional production of LPG & prevention of LPG loss.
2002
-KRL has selected Axens, the French Petroleum Consultancy major to prepare a priliminary feasibility report to consider the quality upgradation & modernisation of its refining processes.
-KRL, a subsidiary of Bharat Petroleum has issued its first naphtha export tender in an effort to lessen the stock surplus of product.
2003
-As part of expansion-cum-modernisation programme, KRL will be raised to 10MMTPA from the present 7.5MMTPA
-Kochi Refineries has begun the use of State-of-the-Art SAP R/3 System through which the entire business will be carried out in SAP systems.
-Karnataka State Productivity Council has shortlisted Hindustan Latex, Thiruvananthapuram & Kochi Refineries Ltd as the best & the second best firms for years FACT M K K Nair Memorial Productivity Awards.
-Kochi Refineries stock has witnessed a marginal rise in the prices in the major exchanges.
-KRL has opposed the Fertilisers & Chemicals Travancore Ltd for abolishing the prevailing entry tax for petroleum products.
-According to the disclosure rule of SEBI, KRL has informed that Mr.P.B.Divakaran , Sr Staff Officer is holding 208 equity shares.
2004
-Kochi Refineries gets Int-safety rating
-Inks pact wiht Bharat Petroleum Corporation limited [BPCLs] regarding capacity utilisation & other production & performance parameters
2005
-Kochi Refineries Ltd [KRLs] has signed an MoU with Bharat Petroleum Corporation Ltd
2006
-The Gas Task Force [GTFs], sponsored by public sector Bharat Petroleum Corporation Ltd & the Kochi Refineries Ltd [KRLs], has entered into an MoU with the GMR Vasavi promoted Tanir Bhavi Power Comp. Ltd [TBPCLs] for supply of gas.
