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ONGC signs Performance Contract with MRPL
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New Delhi, March 19, 2008
ONGC’s subsidiary Mangalore Refinery & Petrochemicals
Ltd. (MRPL) signed a Performance Contract with its
principal for 2008-09.
The Performance Contract was signed by ONGC’s CMD R S
Sharma and MRPL’s Managing Director R Rajamani at ONGC’s
office at New Delhi on 18th March 2008.
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In the MoU entered into by ONGC Group with the Government,
the weightage of subsidiary management has been enhanced to 10
per cent from 4 per cent earlier. Out of this 10 per cent,
MRPL’s weightage has been enhanced to 4 per cent from 2 per
cent earlier.
One change in the new Performance Contract between ONGC and
MRPL for 2008-09 has been inclusion of 3 new parameters
in-place of ‘Product Dispatch’, viz. (i) Safety, (ii) Recycle
of Treated Effluent and (iii) Energy Index.
The financial ratios in the Performance Contract between
ONGC and MRPL for 2008-09 are all higher than those in
2007-08.
ONGC will be soon signing another Performance Contract with
its other subsidiary ONGC Videsh Ltd. (OVL) in the next few
days.
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