India’s Mangalore Refinery and Petrochemicals Ltd. shelved a planned refinery expansion to focus on boosting its petrochemical production capacity, which may cost as much as Rs. 47,000 crores ($5.7 billion).
“A shifting energy landscape primarily driven by the uptake of electric vehicles has prompted MRPL to focus its efforts on increasing output of chemicals that can be used for plastics and paints,” Sanjay Varma, managing director, said in an interview.
“The company’s major investment will be on a new production plant in Karnataka,” he said. Indian and Chinese refiners along with majors such as Exxon Mobil Corp.
