Chennai Petroleum and Indian Oil to set up 9 MMTPA refinery and petrochemicals project in Tamil Nadu

1 Dec 2022 , 01:34 AM

Chennai Petroleum Corporation CPCL Indian Oil Corporation IOCL and seed equity partners have signed a Joint Venture Agreement for the upcoming grass root 9 MMTPA Refinery and Petrochemicals Project at Nagapattinam in Tamil Nadu IOCL and CPCL will together hold 50Percentage of Equity Stake 25Percentage each in the Joint Venture Company JVC and the balance 50Percentage stake would be held by FinancialStrategic Investors to be – identified at a later stage Pending onboarding of the FinancialStrategic investor the JVC is being incorporated with the two promoters IOCL and CPCL The Rs31580 crore refinery complex will cater to the petroleum products demand of the Southern region of India and provide impetus for economic development of the region The project would result in substantial socio-economic benefit to the country in general and more specifically to the State of Tamil Nadu