Nagarjuna Oil Corporation is planning to commission Phase-I of its Cuddalore refinery project in Tamil Nadu, by December 2015.

In Phase-I, the company is executing a six million tpa petroleum product refinery, for which it is investing Rs 16,000 crore. Phase-I comprises a 40 MW captive power plant. Phase-II of the project envisages a unit of six million tpa capacity, at a cost of Rs 9,000 crore.

Nagarjuna has completed 60 per cent work at the project site. So far, the company has invested Rs 1,840 crore of equity and another Rs 4,615 crore has been borrowed from a consortium of 16 public sector banks and LIC. It requires Rs 5,000 - 6,000 crore of debt, and equity of Rs 2,000 - 3,000 crore to complete Phase-I.

Originally, Phase-I of the project was planned to be commissioned in 2012, but was delayed due to the cyclone that hit the east coast two years ago.

In the project, Singapore-based Trafigura holds 24 per cent stake, while Nagarjuna Group has 46 per cent share. Tata Sons has 12.5 per cent and an equal stake is held by Tata Petrodyne.

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