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CPCL to set up Rs 29,000 cr refinery in TN
2021-02-03
Indian Oil Corporation (IOC) has given its nod for its subsidiary Chennai Petroleum Corporation Ltd (CPCL) to set up a 9 mmtpa refinery in Tamil Nadu. The two companies will hold a 25% stake each, while other investors will hold the remaining stake.
The Rs 29,000 crore refinery will be built at Nagapattinam, with a Polypropylene unit to begin with and a facility to process crude oil. Packages for the process have been finalised, and a feasibility report has been completed.
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The project is in accordance with the expected growth in demand for petroleum products in the southern part of the country. The project's environmental clearance is also in an advanced stage of review and approval by the Ministry of Environment, Forest and Climate Change (MoEF&CC).
The Cauvery Basin 9 mmtpa project, would also stand as an anchor for feedstock generation for downstream industries. The refinery complex will drive economic development and regional growth.
Also read: IOC set to expand Chennai refinery in JV
Also read: Indian Oil to build new oil terminal in Chennai
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