IOC set to expand Chennai refinery in JV
OIL & GAS

IOC set to expand Chennai refinery in JV

Indian Oil Corporation (IOC) is set to expand through a joint venture with its subsidiary Chennai Petroleum Corporation Ltd (CPCL) and strategic financial investors, at a cost of Rs 31,500 crore, said Chairman Shrikant Madhav Vaidya.

IOC and CPCL will hold a 25% stake each in the joint venture that will set up the 9 million tonne per year refinery. The remaining 50% equity would be with financial investors, the Chairman told media sources.

CPCL also plans to build a 475,000 tonne per annum capacity petrochemical plant. A detailed feasibility report for the expansion project is underway.

Formerly known as Madras Refineries Ltd, CPCL was formed as a joint venture in 1965 between the Government of India, AMOCO, and the National Iranian Oil Corporation (NIOC) having a shareholding in the ratio of 74%, 13%, and 13% respectively.

As we have reported earlier, Indian Oil is also building a new oil terminal in Vallur, north of Chennai, along with a captive jetty based near Kamarajar (Ennore) port. The aim is primarily to handle its petroleum products.

Image Source: Facebook/ Chennai Petroleum Corporation Limited


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


Make in Steel 2021

24 February 

Click for event info


Indian Oil Corporation (IOC) is set to expand through a joint venture with its subsidiary Chennai Petroleum Corporation Ltd (CPCL) and strategic financial investors, at a cost of Rs 31,500 crore, said Chairman Shrikant Madhav Vaidya. IOC and CPCL will hold a 25% stake each in the joint venture that will set up the 9 million tonne per year refinery. The remaining 50% equity would be with financial investors, the Chairman told media sources. CPCL also plans to build a 475,000 tonne per annum capacity petrochemical plant. A detailed feasibility report for the expansion project is underway. Formerly known as Madras Refineries Ltd, CPCL was formed as a joint venture in 1965 between the Government of India, AMOCO, and the National Iranian Oil Corporation (NIOC) having a shareholding in the ratio of 74%, 13%, and 13% respectively. As we have reported earlier, Indian Oil is also building a new oil terminal in Vallur, north of Chennai, along with a captive jetty based near Kamarajar (Ennore) port. The aim is primarily to handle its petroleum products. Image Source: Facebook/ Chennai Petroleum Corporation Limited4th Indian Cement Review Conference 202117-18 March Click for event infoMake in Steel 202124 February Click for event info

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?