Iran will invest about 15 billion rupees to expand a refinery run by Chennai Petroleum Corp. in south India, the company’s managing director said, amid U.S. sanctions on the Persian Gulf nation that have severely hit its oil exports.
The state-run company is boosting capacity at its Nagapattinam facility by nine-fold to process 9 million tons per year and the investment is Naftiran Intertrade Co.’s share of the 275 billion rupees ($4 billion) expansion plan, Managing Director S.N. Pandey said in an interview in Chennai last week. The rest of the investment will be through debt and equity, including fresh capital from its main founder Indian Oil Corp.
“We will achieve the financial closure in 2019,” Pandey said. “We don’t see any issue in debt raising. We have already talked to many bankers.” Read More
Latest posts by Financial Express (see all)
- Indian Railways passengers can now watch movies on the go! Entertainment on Demand introduced in these trains - September 20, 2019
- NHAI invites bids for 15 BOT road projects after 8 years - September 20, 2019
- Dighi Port committee of creditors approves APSEZ’s resolution plan - September 20, 2019