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)
- Power ministry blames rains for fall in demand - November 21, 2019
- Indian Railways moves towards big reform! Railway Board downsized by 25%; 50 officers transferred - November 20, 2019
- Comfort for passengers! Indian Railways’ Darbhanga-Ahmedabad Jansadharan train to run as Antyodaya Express - November 20, 2019