CPCL seeks to acquire 3,000 acres of land for petro project

Chennai: Chennai Petroleum Corporation Ltd (CPCL) is expected to receive process configuration and pre-feasibility study reports by Engineers India Ltd for its proposed Rs 45,000-crore 15 MMTPA (million metric tonnes per annum) grassroot refinery-cum-petrochemical complex project at Ennore near Chennai this month.

This is even as the company plans to work closely with the state nodal agency for industrial development to find 3,000 acres of land for the proposed project.

Addressing a press conference along with S Behuria, chairman, Indian Oil Corporation, KK Acharya, managing director, CPCL, said the company had approached the state government for acquiring 3,000 acres of land near Ennore.

A committee has been formed headed by the Tidco (Tamil Nadu Industrial Development Corporation) chairman to identify land for the project.

Earlier, addressing the annual general meeting of CPCL, Behuria said it would take a few years to get a clear picture on the proposed grassroot refinery-cum-petrochemicals complex project.

While Indian Oil will participate with CPCL in this project, a separate special purpose vehicle may be formed to execute it, he added.

The project is expected to take 5-6 years for completion. The proposal to establish petrochemical complex along with refinery has been made considering the economic viability and huge demand for petrochemicals in the country.

The company had said that a strategic partner, which could be a multinational oil firm, would be roped in along with IOC and CPCL.