Indian Oil Corporation’s (IOC) board has given approval for setting up of a Rs 27,460 crore refinery by its subsidiary, Chennai Petroleum Corporation (CPCL). The board of directors of IOC at the meeting held on September 22 accorded In-principle approval for setting up a new 9 million tonnes per annum (MTPA) refinery at Cauvery Basin, Nagapattinam at an estimated cost of Rs 27,460 crore and for carrying out pre-project activities.
Earlier, the board of directors of CPCL had in April this year recommended setting up a new 9 MTPA refinery at an estimated cost of Rs 27,460 crore (with an accuracy of plus-30 per cent). The expansion was subject to the approval of board of IOC, the holding company of CPCL.
Indian Oil Corporation (IOC) is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
