India's Chennai Petroleum Corp Forms Joint Venture for $4 Bln Refinery
08.29.2022 By Ricardo Perez - NEWS

August 29, 2022 [Reuters] – Chennai Petroleum Corp Ltd said on Tuesday it has formed a joint venture with its parent company Indian Oil Corp  and others to build a 9 MMTPA refinery at a cost of 315.80 billion rupees ($3.95 billion) in southern Tamil Nadu state.

 

CPCL, in which National Iranian Oil Company has about 15% stake, was operating a small refinery at the Cauvery Basin at Nagapattinam, where the new plant will be located.

The new refinery will come up after dismantling the existing 1 million metric ton per annum (MMTPA) refinery, according to CPCL’s website, and will produce liquefied petroleum gas, BS VI quality gasoline, diesel and aviation turbine fuel.

CPCL will hold 25% stake in the new refinery for an investment of 25.70 billion rupees, while IOC and other seed equity investors including Axis Bank (AXBK.NS), HDFC

Life Insurance Co (HDFL.NS), ICICI Bank (ICBK.NS), ICICI Prudential Life Insurance Co (ICIR.NS) and SBI Life Insurance Co (SBIL.NS), will hold the rest.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Exxon Preparing to Open Its Massive $2B Refinery Expansion in Beaumont
01.30.2023 - NEWS
January 30, 2022 [msn] – Exxon Mobil said Monday it finished building its $2 billion refine... Read More
Valero Has Best Year Ever in 2022 as 4Q Profits Triple, Topping Wall Street Expectations
01.30.2023 - NEWS
January 30, 2022 [San Antonio Express News] – Valero Energy Corp. cruised past Wall Street ... Read More
Mobil Continues to Invest in Australia's Fuel Security
01.30.2023 - NEWS
January 30, 2022 [ExxonMobil] – Melbourne, Australia – Mobil Oil Australia Pty Ltd (Mobil... Read More
Kernel Acquires Terminal In Yuzhny Port
01.30.2023 - NEWS
January 30, 2022 [Ukrainian News] – Kernel Holding, one of the largest operators on the oil... Read More