Board of Chennai Petroleum Corporation proposes a joint refinery project to IOCL

On 03 June 2020

The Board of Directors of Chennai Petroleum Corporation at its meeting held on 03 June 2020 has considered and recommended a proposal, to the Board of Indian Oil Corporation (IOCL) subject to requisite statutory approvals, for implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, through a Joint Venture, at an estimated cost of Rs.28,983crore.

The Board of Directors of Chennai Petroleum Corporation also accorded in-principle approval for Incorporation of a Joint Venture, with IOCL & CPCL together holding 50% stake (i.e. 25% each in the JV) and balance 50% to be held by a Financial/Strategic/Public Investors and for CPCL to invest upto Rs. 2500 crore in the Joint Venture, subject to necessary approvals.

 

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