Guwahati (Assam) [India]July 7 (ANI): In a significant milestone, Numaligarh Refinery Limited (NRL) in Assam has been upgraded from ‘Schedule B’ to ‘Schedule A’ category of Central Public Sector Enterprises by the Centre.
The upgradation to ‘Schedule A’ was notified by the Ministry of Petroleum and Natural Gas on July 4, 2023.
Upgradation to Schedule A will now make NRL eligible for Navratna status which in turn will provide higher financial autonomy.
This will allow the company to undertake larger and more complex projects and make faster decisions on joint ventures, strategic partnerships and special purpose vehicles for strategic development.
Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.
The Government of Assam holds 26 per cent stake in NRL.
NRL ranks among the top 20 CPSEs in India, both in terms of sales revenue and profitability. Among Indian PSU refineries, NRL in Assam is considered to be a high performing refinery.
Notably, marking its international presence, NRL has started exporting petroleum products to neighboring countries to promote the Government’s Act East Policy.
NRL is the largest refinery in Northeast India with a capacity of 3 million metric tonnes per annum (MMTPA) and is currently working on a mega refinery to triple its refining capacity to 9 MMTPA along with laying an international crude oil pipeline. is implementing the expansion project. Paradip in Odisha.
NRL is currently implementing projects with an investment of Rs 35,000 crore in the region and is considered to be one of the largest investments in the oil and gas sector.
Congratulating NRL for this achievement, Assam Chief Minister Himanta Biswa Sarma said, “This recognition is also a tremendous endorsement of the Assam government’s decision to increase its stake in NRL. With its world-class infrastructure, NRL is fast emerging as a major refining destination. (ANI)
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