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Chennai Petroleum plans 9 million tonne refinery

Chennai, May 18 (IANS) City-based refinery Chennai Petroleum Corporation Ltd (CPCL) is planning to set up a 9 million tonne per annum (mtpa) plant to increase capacity to around 18 mtpa by 2015.

‘We plan to decommission our Unit I with 3 mtpa capacity and build a new 9 mtpa plant. The net accretion to our capacity will be 6 mtpa. Engineers India Ltd is doing the feasibility study,’ Managing Director K. Balachandran told reporters here Tuesday.

The Indian Oil group company at present has a total refining capacity of 11.5 mtpa.

‘The proposed 9 mtpa refinery would involve an outlay of around Rs.10,000 crore and would be met majorly through internal accruals,’ added N.C. Sridharan, director, finance.

CPCL is also going ahead with its plan of laying a new 11.5 km pipeline between Chennai Port and its refinery here.

The company closed fiscal 2009-10 with a gross sales of Rs.29,183.84 crore and a net profit of Rs.603.22 crore.

In the previous fiscal, the company had posted a gross sales of Rs.36,489.67 crore and a net loss of Rs.593.11 crore.

The company board has recommended 100 percent dividend for the last fiscal.

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