MRPL's share price surged by over 8% following the announcement by Oil and Natural Gas Corporation Limited (ONGC) regarding the approval of a strategic oil reserve in Mangaluru as per the exchange filings. This development is part of a national energy project.
The Board of Directors of ONGC has given in-principle approval for the development of a strategic petroleum reserve with a capacity of 1.75 MMT. This project is deemed to be of national importance and will be located in Mangaluru as part of the Phase-I Extension.
The approval comes in response to directives from the Ministry of Petroleum and Natural Gas (MoP&NG), highlighting the project's significance in the national energy strategy.
ONGC's board has instructed management to engage with the Government of India to explore commercial utilisation opportunities for the reserves. The company will seek regulatory support to facilitate these commercial pathways.
As per news reports, MRPL, a subsidiary of ONGC, operates a 300,000-barrel-a-day refinery in Karnataka state, and ONGC may use the new caverns in conjunction with MRPL for storage.
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The board meeting took place on July 9, 2026, commencing at 18:35 hrs and concluding at 20:35 hrs, lasting a total of 2 hours. This meeting was pivotal in formalising the strategic direction for the oil reserve project.
As of July 10, 2026, at 2:17 PM, Mangalore Refinery and Petrochemicals share price on NSE was trading at ₹162.60, up by 8.63% from the previous closing price.
As of July 10, 2026, at 2:20 PM, Oil and Natural Gas share price on NSE was trading at ₹244.83, up by 0.48% from the previous closing price.
MRPL's share price increased by 8% following ONGC's approval of a 1.75 MMT strategic oil reserve in Mangaluru. The project is classified as nationally important and aims to broaden commercial opportunities with government engagement.
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Published on: Jul 10, 2026, 2:51 PM IST
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