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


Related Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 86575 81178