As India is set to become the world’s largest oil demand growth driver in the coming years, India n state-owned refiner Chennai Petroleum Corporation Limited CPCL plans to commission a new refinery two years later than initially planned by 2025. CPCL, a unit of India n Oil Corporation IOC, now aims to complete the construction of a 180,000-barrels-per-day refinery by the end of 2027, Reuters quoted CPCL’s head of finance Rohit Kumar Agrawala as saying on Monday.
After approval is obtained, Chennai Petroleum will need 36 months to complete the construction and three months for commissioning the refinery, Agrawala said. The cost estimate for the new refinery has risen to some $4.36 billion 364 billion Indian rupees, up from previously expected costs of about $3.52 billion 294 billion rupees, Chennai Petroleum’s finance head said.
Refinery Delay Demand Indian Oil Corporation Construction
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