Chennai Petroleum Corp Ltd delays Nagapattinam refinery completion to 2027, increasing project cost to $4.36bn and raising Indian Oil Corp's stake to 75%.

Chennai Petroleum Corp Ltd has announced a two-year delay for its new 180,000 barrels per day refinery at Nagapattinam, Tamil Nadu, now expected to be completed by 2027. The project cost has been revised to $4.36bn, with 66% met through debt. The company's parent firm, Indian Oil Corp, now controls a 75% stake. Chennai Petroleum operates the 210,000 barrels per day Manali refinery in Chennai.

April 29, 2024
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