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Indian Oil Corporation's (IOC's) group company (CPCL) is planning to set up a greenfield refinery at Nagapattinam at in Tamil Nadu, a cost of Rs 27,460 crore. The products, including motor spirit (MS) and high speed diesel (HSD), which will be produced from the refinery will help meet the latest BS-VI specification in the southern states.

The new refinery will be part of the Government of India's plan to set up a petroleum, chemicals and petrochemicals investment region (PCPIR) in this region.

The boards of and IOC have accorded in-principle approval for the 9 million metric tonne per annum (MMTPA) refinery at CBR at an estimated investment of Rs 27,460 crore, plus or minus 30 per cent. The investment includes Rs 2,800 crore for setting up a polypropylene unit of around 500 thousand metric tonne (TMT) per annum capacity, said officials.

Detailed feasibility report (DFR) preparation is underway and is expected to be completed by April 2019. The refinery is expected to be operational by 2023-24. The products from the refinery will meet the latest BS-VI specifications.

CPCL's new refinery complex will come up with the latest technology and it will include a polypropylene unit to maximise value addition from the complex. It will produce valuable products, including liquefied petroleum gas, petrol, diesel, aviation turbine fuel, polypropylene, etc, besides petrochemical feed stocks.

The petrochemical complex will also feed stocks to downstream industries, including pharmaceuticals, paint and lacquer, printing inks, adhesives, coatings, chemicals, automobile lubricants, and PVC, among others.

operates two refineries with a total capacity of 11.5 MMTPA (10.5 MMTPA at Chennai and 1 MMTPA near Nagapattinam) in Tamil Nadu.

The company's crude throughput increased to 10,789 TMT in 2017-18, from 10,256 TMT in 2016-17. Its profit after tax stood at Rs 913 crore in 2017-18, as compared to Rs 1,030 crore in 2016-17.

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