Chennai Petroleum Corporation Limited (CPCL), a group company of Indian Oil Corporation, has lined up around Rs 10,000 crore for various projects over the next five years.
Speaking to reporters here, K Balachandran, managing director, CPCL, said the company was setting up facilities at an investment of Rs 2,615 crore to produce fuel based on Euro IV complaints. This is expected to go on stream by July 2010.
The company is also setting up a resid upgradation project with an outlay of around Rs 3,350 crore. The project involves a delayed coker unit, a once through hydrocracker revamp, a sulphur recovery unit, and a greenfield coke yard facility. Feasibility report would be prepared soon and the project is expected to be ready in 2012.
During the next two years, CPCL would be engaged in the implementing the resid upgradation project that would contribute significantly to the value addition at Manali refinery.
“Earlier, we had plans of setting up a 15 million tonne greenfield refinery-cum-petrochemicals complex at Ennore, near Chennai. However, due to environmental issues, the corporation is considering setting up the facility at Cuddalore," said Balachandran.
The company is also planning to add nine million tonne capacity to its existing facilities and increase refinery II capacity by 600,000 lakh tonne with an outlay of around Rs 332 crore.
The corporation would also invest in creating infrastructure facilities at Ennore port and laying a pipeline to connect Karaikal port from K-G Basin.