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CPCL commences work on mega refinery-cum-petrochemical unit

Wednesday, 22 Sep 2021

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The Chennai Petroleum Corporation (CPCL), a subsidiary of the Indian Oil Corporation (IOCL), has kick-started activities for establishment of the proposed nine million tpa grass root refinery.

The refinery will be developed along with the Indian Oil Corporation (IOCL) at an estimated cost of Rs 31,580 crore at Nagapattinam, Tamil Nadu.

Procurement and engineering activities for the project have already commenced and site activities will now gain momentum. The project will act as a catalyst for development of downstream petrochemical and ancillary industries.

The refinery project is being set up with a debt-equity ratio of 65:35. The project is proposed to be executed through a joint venture company with 50 percent ownership to be held equally by CPCL and the Indian Oil Corporation and balance 50 percent by other strategic or financial investors, to be identified at a later stage.

CPCL will restrict its equity contribution to 25 percent of the total equity of the JV company, which will be Rs 2,570 crore and the same will be funded mainly from the internal resources of CPCL during the period 2021-25.

The new refinery project, for which Prime Minister Narendra Modi laid the foundation stone in February 2021, is expected to be completed in 45 months’ time. The government of Tamil Nadu has approved an incentive package to the project as per the Tamil Nadu Industrial Policy 2014.

During the first week of September 2021, the company also received the state government order for acquisition of 606 acre land parcel adjoining the existing refinery site at Nagapattinam.

Immediately after the receipt of the order, CPCL awarded contracts amounting to Rs 1,538 crore to Project Management Consultants Engineers India (EIL), McDermott and Tata Consulting Engineers (TCE).