Chennai Petroleum Corp forms joint venture for Rs 31,580-cr refinery
Chennai Petroleum Corp Ltd said on Tuesday it has formed a joint venture with its parent company Indian Oil Corp and others to build a 9 MMTPA refinery at a cost of Rs 31,580 crore in Tamil Nadu.
CPCL, in which National Iranian Oil Company has about 15% stake, was operating a small refinery at the Cauvery Basin at Nagapattinam, where the new plant will be located.
The new refinery will come up after dismantling the existing 1 million metric ton per annum (MMTPA) refinery, according to CPCL’s website, and will produce liquefied petroleum gas, BS VI quality gasoline, diesel and aviation turbine fuel.
