lndianOil to build $4bn oil refinery in Nagapattinam, Tamil Nadu

Indian Oil Corporation Limited (lndianOil) said that its board has sanctioned the construction of an INR29.3 billion ($400 million) oil refinery at Cauvery Basin, Nagapattinam in Tamil Nadu with a capacity of 9 MMTPA. The oil refinery project will be taken up by IndianOil’s subsidiary – Chennai Petroleum Corporation Limited (CPCL). The CPCL refinery is […]

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Indian Oil Corporation Limited (lndianOil) said that its board has sanctioned the construction of an INR2,930 billion ($4 billion) oil refinery at Cauvery Basin, Nagapattinam in Tamil Nadu with a capacity of 9 MMTPA.

The oil refinery project will be taken up by IndianOil’s subsidiary – Chennai Petroleum Corporation Limited (CPCL).

The CPCL refinery is expected to address the demand for petroleum products in southern India.

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The board of lndianOil has also given approval in principle for the creation of a joint venture between IndianOil and CPCL with equity holding of 50% (25% each). The remaining 50% balance will be held by financial or strategic or public investors, who will be identified at a later time, for implementation of the oil refinery project, subject to the approval of Niti Aayog and other statutory approvals.

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