CPCL, IndianOil sign JV agreement for Nagapattinam refinery project

Chennai Petroleum Corporation (CPCL) along with Indian Oil Corporation Limited (IOCL or IndianOil) and seed equity partners have entered into a joint venture agreement for implementing the 9MMTPA Nagapattinam refinery project in Tamil Nadu.

IndianOil and CPCL will have a combined stake of 50%, with each having 25% in the joint venture company. The remaining stake of 50% will be held by financial or strategic investors, who will be identified, later on, said CPCL.

The Nagapattinam refinery project calls for an investment of INR 31,580 crores. It will aim to meet the petroleum products demand of Southern India.

CPCL, IndianOil sign joint venture agreement for Nagapattinam refinery project. Photo courtesy of Ramaneswaran Baskaran/Wikimedia Commons.

CPCL stated: “The project would result in substantial socio-economic benefit to the country in general, and more specifically to the State of Tamil Nadu.”