Chennai: Iran will invest about Rs 1,500 crore to expand a refinery run by Chennai Petroleum Corp., the company’s Managing Director, said.
The State-run company is boosting capacity at its Nagapattinam facility by nine-fold to process nine million tonnes per year, and the investment is Naftiran Intertrade Co.’s share of the Rs 27,500 crore ($4 billion) expansion plan, managing director S N Pandey said in an interview here last week.
The rest of the investment will be through debt and equity, including fresh capital from its main founder Indian Oil Corp.
Pandey is reported to have said, “We will achieve the financial closure in 2019. We don’t see any issue in debt raising. We have already talked to many bankers.”