By India Blooms News Service Jul 11, 2023
Guwahati/IBNS: The Indian government has upgraded Numaligarh Refinery Limited (NRL) in Assam from Schedule B to Schedule A category Central Public Sector Enterprises. The Ministry of Petroleum and Natural Gas made the official announcement on July 4, 2023.
This elevation to Schedule A status empowers NRL to strive for the esteemed Navratna status, providing greater financial autonomy and decision-making capabilities.
The refinery can now undertake more ambitious and complex projects while swiftly forging joint ventures, strategic partnerships, and special-purpose vehicles to drive strategic growth, stated Northeast Today.
As a Navratna company, NRL gains the authority to invest up to Rs 1,000 crore without seeking approval from the central government. Notably, the Assam government holds a 26 percent stake in NRL.
NRL has emerged as one of the top 20 Central Public Sector Enterprises in India, showcasing outstanding performance in terms of sales revenue and profitability. Among Indian PSU refineries, NRL in Assam stands out as a high-performing facility.
In addition to its domestic achievements, NRL has successfully ventured into international markets, initiating the export of petroleum products to neighboring countries, aligning with the governments Act East Policy.
Being the largest refinery in northeastern India, NRL currently operates with a capacity of 3 million metric tonnes per annum (MMTPA). Furthermore, the refinery is actively executing a mega refinery expansion project to triple its refining capacity to 9 MMTPA, along with the construction of a trans-national crude oil pipeline from Paradip in Odisha.
With ongoing projects amounting to investments of approximately Rs 35,000 crores in the region, NRL is widely recognized as one of the largest investments in the oil and gas sector.
Commending NRL on this remarkable achievement, Assam Chief Minister Himanta Biswa Sarma emphasized that this recognition serves as a resounding endorsement of the Assam Governments decision to enhance its shareholding in NRL. NRLs world-class infrastructure positions it as a prominent refining destination, fueling its rapid emergence in the industry.