Incorporated in 1963, Kochi Refineries (KRL) earlier known as Cochin Refineries Ltd, is a joint venture between the Government of India, Philips Petroleum, US, and Duncan Brothers. The marketing of its products is done by Bharat Petroleum and Indian Oil. BPCL has acquired 55.01% of shares from GOI. With this acquisition the company became subsidiary of BPCL. BPCL currently holds 54.81% of equity capital in KRL.
In 1994, KRL completed an expansion programme which included the enhancement of the crude refining capacity from 4.5 mtpa to 7.5 mtpa and also revamping the fluidised catalytic cracking unit to 1.4 mtpa from 1 mtpa. During the same period, Cochin Refineries Balmer Lawrie was promoted jointly with Balmer Lawrie & Company to set up a refinery for downstream petrochemical products, in technical collaboration with Chevron Research & Technology Corporation, US. On 29th May 2000, the company change its name from erstwhile Cochin Refineries to Kochi Refineries.
Further the project of diesel hydrodesulphurisation to reduce the sulphur content in high speed diesel from the existing level of 1% to 0.25% in 9 refineries in india was commissioned in March 2000. The company issued bonus shares during the year 2001 in the ratio of 1:1. After prior approval from the Hon'ble High Court, CRBL was amalgamted with KRL. The company has allotted 300,000 shares in the ratio of 1:25 to CRBL shareholders on July,2001.
During 2002-03 the projects completed were,DHDS unit project at a cost of Rs.270 million were commissioned in june,2002 and NRMB installed capacity were augmented from 15000 tonnes to 65000 tonnes and the activites were completed during December,2002.
The Capacity Expansion cum Modernisation project report prepared by M/s Axens of France was accepted by the company and the report envisages an investment of Rs.18.190 million for implementation of the project in 2 phases. Both Phase-I of the project and Phase-2 of the project is estimated to be completed by January,2005 and 2010 respectively.The MANTRA project taken up in 2 phases out of which phase -1 will 'Go Live' by July,2003 and the second phase by April,2004. The total estimated outlay of the project would be Rs.264 million.
In 2003-2004, As a part of modernisation of the High Tension/Low Tension system, three different revamp electrical jobs were executed at a cost of Rs.256 million and the project was completed in July, 2003. The second phase of High Tension/Low Tension system modernizaion, wherein the balance 3.3 kV and 415 V switch boards at various sub-stations are replaced with the new generation equipment was commissioned by May 2005.
The Doubling of BPCL's share of LPG market in Kerala, an LPG Bottling plant with a capacity of 44,000 TPA on a single shift basis was set up by the Company and the project at a cost of Rs.166 Million was commissioned in July,2003.
During 2004-05 the company has installed a new capacity of Bitumen Emulsion 27600 MT and Diesel Additive 1500 MT. The DHDA unit revamp for quality upgradation of auto fuels, MS and HSD to meet BS II emission norms was completed in December 2004 and Fluid Catalytic Cracking Unit revamp job was taken up along with annual FCCU turn around started in April 2005 and the revamped FCCU has been commissioned. A bitumen emulsion plant having a capacity of 10 tonnes per hour was commissioned in February 2005.
A project for reducing transporation cost of crude oil, by setting up independent crude oil receipt facilities consisting of a Single Buoy Mooring suitable for berthing Very Large Crude Carriers a shore tank farm and connected pipelines in under implementation. This project is scheduled to be completed by May 2007. Further a project for revamping the existing bitumen blowing unit incorporating Biturox process for making special grade bitumen in line at a cost of Rs.259.70 Million and this project is scheduled to be completed by October 2006. The processing of hydrocarbon fuels and to produce better quality, efficient fuels with a capacity addition by 2.0 MMTPA, modernisation of the refinery for cost reduction and setting up of facilities for meeting EURO-III equivalent product specfication at a cost of Rs 19945 Million which is expected to be completed by September 2009.
The company has plans to diversify into Natural Gas business and also the company is planning to set up a Propylene Recovery Unit using the post CEMP LPG Pool. Further the company is planning to set up bottoms upgradation facilities for processing the company's bottom of the barrel has been initiated with the help of an External Consultant. The Board of the company has approved the scheme of merger of the company with Bharat Petroleum Corporation Ltd (BPCL) in the swap ratio 1:2.25 that is 4 fully paid up equity shares of Rs.10/- each of BPCL for every 9 fully paid up equity shares of Rs.10/- each of the company. The scheme of merger is subject to necessary approvals.