February 15, 2021
P Jayadevan (right), Executive Director, Tamil Nadu & Puducherry and State Head, Indian Oil Corporation with Rajeev Ailawadi, Managing Director-in charge, CPCL at a press conference in Chennai - Bijoy Ghosh
P Jayadevan (right), Executive Director, Tamil Nadu & Puducherry and State Head, Indian Oil Corporation with Rajeev Ailawadi, Managing Director-in charge, CPCL at a press conference in Chennai - Bijoy Ghosh× Prime Minister Narendra Modi will dedicate two oil and gas projects to the nation and lay the foundation stone for a ₹31,500 crore refinery project in Tamil Nadu on February 17.
“The Prime Minister will lay the foundation stone through virtual mode for the proposed 9 million tonnes per annum (MMTPA) grass-root refinery project at Nagapattinam to be set up through a JV between Indian Oil Corporation and Chennai Petroleum Corporation Ltd (CPCL) at an estimated project cost of ₹31,500 crore,” said Rajeev Ailawadi, Managing Director-In-Cha
Energy stocks were trading with losses, with the S&P BSE Energy index falling 33.24 points or 0.57% at 5784.73 at 13:48 IST. Among the components of the S&P BSE Energy index, Goa Carbon Ltd (down 3.03%), Mangalore Refinery And Petrochemicals Ltd (down 2.12%), Reliance Industries Ltd (down 1.33%), Aegis Logistics Ltd (down 0.92%), and Chennai Petroleum Corporation Ltd (down 0.38%), were the top losers. On the other hand, Selan Explorations Technology Ltd (up 5.73%), Confidence Petroleum India Ltd (up 3.46%), and Indian Oil Corporation Ltd (up 3.08%) moved up.
At 13:48 IST, the S&P BSE Sensex was up 1159.45 or 2.39% at 49760.06.
The Nifty 50 index was up 355.15 points or 2.49% at 14636.35.
The S&P BSE Small-Cap index was up 278.17 points or 1.52% at 18631.49.
Sate-owned Indian Oil Corporation’s board has agreed to subsidiary Chennai Petroleum Corporation Ltd (CPCL) setting up a refinery for more than Rs 29,300 crore in Tamil Nadu. The two companies will hold 25 per cent stake each, while the balance will be with other investors. The 9 MMTPA (Million Metric Tonne Per Annum) refinery will be built at Nagappattinam, with a Polypropylene unit to start with and facility to process crude oil. The process packages have been finalised and a feasibility report completed. Earlier CPCL said the project would benefit from the land already in possession by CPCL. The proximity to highways and coastal location of the refinery are added advantages for the project. The project location is also apt for crude oil receipt by installation of a SPM facility and product evacuation through the nearby port and also by connectivity to IOCL’s pipeline network.
IOC To Expand Chennai Refinery In JV With CPCL; To Spend Rs 31,500 Cr moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
IOC board clears Rs 31,500-crore Nagapattinam refinery project; expects fuel demand to be normal soon
The new refinery will be a joint venture between Chennai Petroleum Corporation Ltd and IOC. January 29, 2021 / 02:16 PM IST
Bharat Petroleum Corporation | In the last 5 trading sessions the share price was down 10.03 percent from Rs 346.80 to Rs 312 (May 5 to May 12). Market capitalisation stands at Rs 11,593.99 crore.
The board of Indian Oil Corporation (IOC) on January 29 cleared a proposal to set up a 9 million tonne (MT) refinery at Nagapattinam in Tamil Nadu that may see an investment of about Rs 31,500 crore.
This comes at a time when the company expects fuel demand to pick up during the fourth quarter of the current financial year. Already, petrol demand is around 105 percent of what it was last year and the company expects diesel demand to be more than 100 percent in the fourth quarter, said SM Vaidya, chairman of IOC.