India’s top refiner Indian OilNSE 4.61 % Corp (IOC) will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery’s Rs 35,700 crore expansion, its Chairman Sanjiv Singh said.
IOC plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd (CPCL) and build a brand new 9 million tonnes unit in the next five to six years.
National Iranian Oil Co (NIOC), which holds 15.4 per cent stake in CPCL, is keen to participate in the expansion project, Singh said.
Following US decision to reimpose economic sanctions on Iran, IOC will examine the impact of NIOC investing further in CPCL.
