+
IOC set to expand Chennai refinery in JV
OIL & GAS

IOC set to expand Chennai refinery in JV

Indian Oil Corporation (IOC) is set to expand through a joint venture with its subsidiary Chennai Petroleum Corporation Ltd (CPCL) and strategic financial investors, at a cost of Rs 31,500 crore, said Chairman Shrikant Madhav Vaidya.

IOC and CPCL will hold a 25% stake each in the joint venture that will set up the 9 million tonne per year refinery. The remaining 50% equity would be with financial investors, the Chairman told media sources.

CPCL also plans to build a 475,000 tonne per annum capacity petrochemical plant. A detailed feasibility report for the expansion project is underway.

Formerly known as Madras Refineries Ltd, CPCL was formed as a joint venture in 1965 between the Government of India, AMOCO, and the National Iranian Oil Corporation (NIOC) having a shareholding in the ratio of 74%, 13%, and 13% respectively.

As we have reported earlier, Indian Oil is also building a new oil terminal in Vallur, north of Chennai, along with a captive jetty based near Kamarajar (Ennore) port. The aim is primarily to handle its petroleum products.

Image Source: Facebook/ Chennai Petroleum Corporation Limited


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Make in Steel 2021

24 February 

Click for event info


Indian Oil Corporation (IOC) is set to expand through a joint venture with its subsidiary Chennai Petroleum Corporation Ltd (CPCL) and strategic financial investors, at a cost of Rs 31,500 crore, said Chairman Shrikant Madhav Vaidya. IOC and CPCL will hold a 25% stake each in the joint venture that will set up the 9 million tonne per year refinery. The remaining 50% equity would be with financial investors, the Chairman told media sources. CPCL also plans to build a 475,000 tonne per annum capacity petrochemical plant. A detailed feasibility report for the expansion project is underway. Formerly known as Madras Refineries Ltd, CPCL was formed as a joint venture in 1965 between the Government of India, AMOCO, and the National Iranian Oil Corporation (NIOC) having a shareholding in the ratio of 74%, 13%, and 13% respectively. As we have reported earlier, Indian Oil is also building a new oil terminal in Vallur, north of Chennai, along with a captive jetty based near Kamarajar (Ennore) port. The aim is primarily to handle its petroleum products. Image Source: Facebook/ Chennai Petroleum Corporation Limited4th Indian Cement Review Conference 202117-18 March Click for event infoMake in Steel 202124 February Click for event info

Related Stories

Gold Stories

Next Story
Real Estate

Kamdhenu Realities acquires 4-acre Navi Mumbai land parcel

Kamdhenu Realities has acquired a 4-acre land parcel from RPG Life Sciences on Thane-Belapur Road for approximately Rs 1.5 billion, expanding its commercial real estate portfolio in Navi Mumbai.The parcel has a total developable potential of 1.8 million sq ft, on which Kamdhenu plans to develop a destination-scale commercial and lifestyle ecosystem. The proposed development will combine corporate office suites with high-street retail, F&B outlets, double-height lobbies, business infrastructure and lifestyle amenities.Located close to IKEA and opposite the upcoming Pawane Railway Station, t..

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code