Construction Industry News
Chennai Petroleum Corp (CPCL) has formed a joint venture with India Oil Crop and others to construct a 9 MMTPA refinery at a cost of Rs 31,580 crore in Tamil Nadu. CPCL, in which National Iranian Oil Company has an approximately 15% stake, operated a small refinery in the Cauvery Basin in Nagapattinam, where the new plant will be located.
The new refinery will come after the decommissioning of the existing 1 million tons per year (MMTPA) refinery, according to CPCL's website, and will produce liquefied petroleum gas, BS VI grade gasoline, diesel and aircraft turbine fuel.
CPCL will hold a 25% stake in the new refinery for an investment of Rs 2,570 crore, while IOC and other seed capital investors, including Axis Bank, HDFC Life Insurance Co, ICICI Bank, ICICI Prudential Life Insurance Co and SBI Life Insurance, will from.
