Sate-owned Indian Oil Corporation’s board has agreed to subsidiary Chennai Petroleum Corporation Ltd (CPCL) setting up a refinery for more than Rs 29,300 crore in Tamil Nadu. The two companies will hold 25 per cent stake each, while the balance will be with other investors.
The 9 MMTPA (Million Metric Tonne Per Annum) refinery will be built at Nagappattinam, with a Polypropylene unit to start with and facility to process crude oil. The process packages have been finalised and a feasibility report completed.
Earlier CPCL said the project would benefit from the land already in possession by CPCL. The proximity to highways and coastal location of the refinery are added advantages for the project.
