The board of directors of Chennai Petroleum Corporation Limited (CPCL) has recommended a proposal to the board of Indian Oil Corporation Limited (IOCL) for implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery at Nagapattinam.  

 

The estimated cost of the project is Rs. 28,983 crore. The CPCL board has also accorded in-principle approval for Incorporation of a Joint Venture (JV) with IOCL and CPCL together holding 50% stake (i.e. 25% each in the JV) and balance 50% to be held by financial/strategic/public investors. CPCL to invest upto Rs. 2,500 crore in the joint venture subject to necessary approvals.

 

CPCL has two refineries with a combined capacity of 11.5 MMTPA. The Manali Refinery has a capacity of 10.5 MMTPA and is one of the complex refineries in the country with fuel, lube, wax and petrochemical feedstock production facilities. CPCL's second refinery is located in Nagpattinam at Cauvery Basin. The unit was set up with a capacity of 0.5 MMTPA which was later enhanced to 1.0 MMTPA.