Chennai Petroleum Corporation : setting up a new grassroot refinery of 9 MMTPA capacity at Nagapattinam

Chennai Petroleum Corporation : setting up a new grassroot refinery of 9 MMTPA capacity at Nagapattinam

  • 2022: Chennai Petroleum Corporation (CPCL) has approved the proposal for formation of a joint venture company for implementing the 9 MMTPA refinery project at Cauvery Basin at Nagapattinam in Tamil Nadu, at an estimated cost of Rs 31,580 crore
  • CPCL will hold 25% stake in the new refinery while Indian Oil and other seed equity investors such as Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance will hold the rest. The board has also accorded approval for equity investment of up to Rs 2,570 crore by CPCL in the JV.
  • The new refinery will produce petrol and diesel of Bharat Stage-VI specifications and polypropylene as a value added product, at a project cost of Rs 31,580 crore.

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