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Iran keen to participate in Chennai Petroleum expansion

Indian Oil (IOC) plans to pull down Chennai Petroleum’s (CPCL) 20kbd (1Mnta) Nagapattinam refinery and construct a brand new 180kbd (9Mnta) unit in next 5-6 years. National Iranian Oil (NIOC), which holds 15.4% stake in CPCL, is keen to participate in the expansion project.

The estimated cost of the expansion has now risen to Rs 35,698 crore from its original Rs 27,460 crore.