Chennai Petroleum Corp Ltd (CPCL) has formed a joint venture with its parent company Indian Oil Corp (IOL) and others to build a nine MMTPA refinery at a cost of 315.80 billion rupees ($3.95 billion) in southern Tamil Nadu state.
CPCL, in which National Iranian Oil Company has an approximately 15 percent stake, was operating a small refinery at the Cauvery Basin at Nagapattinam, where the new plant will be located.
According to CPCL’s website, the new refinery is to be built after the dismantling of the existing one million metric tons per annum (MMTPA) refinery, and will produce liquefied petroleum gas, BS VI quality gasoline, diesel and aviation turbine fuel.
CPCL will hold a 25 percent stake in the new refinery for an investment of 25.70 billion rupees, while IOC and other seed equity investors including Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company, will hold the rest.
For more information visit cpcl.co.in
