INDIA: Chennai Petroleum to invest 123.4 billion rupees to expand, upgrade refinery

摘要

In a bid to capitalise on growing oil demand in India and the strong outlook for refining margins, Chennai Petroleum Corp has set aside a budget of 123.4 billion rupees to expand and upgrade its Manali refinery in northern India over the next five years. (US$1=45 rupees). The company, a majority-owned subsidiary of Indian Oil Corp, is looking to increase the refinery's 10.5-million-ton-a-year capacity to 17 million tons by 2016, said finance director N. C. Sridharan.