India's Chennai Petroleum Sees Two Year Delay in Building New 180,000 bpd Refinery
04.30.2024 By Tank Terminals - NEWS

April 30, 2024 [Reuters]- India’s Chennai Petroleum Corp Ltd will build a 180,000 barrels per day (bpd) refinery at Nagapattinam in Southern Tamil Nadu State by the end of 2027, two years later than initially planned, its head of finance Rohit Kumar Agrawala said on Monday.

 

India, the world’s third biggest oil consumer and producer, is expanding its refining capacity as it is expected to be the largest driver of global oil demand growth between 2023 and 2030, according to the International Energy Agency.

Chennai Petroleum initially planned to complete the refinery by the end of 2025.

The company recently changed the capital structure of the joint venture building the project, with its parent company Indian Oil Corp controlling a 75% stake and Chennai Petroleum the remainder.

The joint venture is awaiting approval from the government on the new equity structure, Agrawala said, adding that 36 months would be needed from then to complete construction of the plant and three months for commissioning.

He said the project cost had also been revised to about 364 billion rupees ($4.36 billion), with about 66% of that to be met through debt. In a recent stock exchange filing, Chennai Petroleum had pegged the previous cost at about 294 billion rupees.

Chennai Petroleum also operates the 210,000 bpd Manali refinery at Chennai in southern Tamil Nadu state.

Agrawala said his company planned to shut some units at the Manali refinery for a month-long maintenance in July-August.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 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

ONEOK Announces Completion of NGL Fraction and Pipeline Expansion Projects
12.06.2024 - NEWS
December 06, 2024 [ONEOK]- ONEOK, Inc. today announced the completion of MB-6, a 125,000-barrel p... Read More
Aker Horizons and VNG Sign Term Sheet for the Supply of Green Ammonia from Norway to Germany
12.06.2024 - NEWS
December 06, 2024 [VNG]- The Leipzig-based gas trader VNG Handel & Vertrieb GmbH (VNG H&V... Read More
VNG and HyCC Plan to Produce Green Hydrogen in Lutherstadt Wittenberg
12.06.2024 - NEWS
December 06, 2024 [VNG]- Leipzig-based energy company VNG AG, its wholly-owned gas trading subsid... Read More
Belgium and Oman Strengthen Green Hydrogen Ties Under New Agreement
12.06.2024 - NEWS
December 06, 2024 [H2 View]- Belgium and Oman have agreed to “further strengthen” collaborati... Read More