Indian Oil To Evaluate Proposed Iran's Investments in Chennai's Refinery

India’s top refiner Indian Oil Corp (IOC) will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery’s Rs 35,700 crore expansion, company Chairman Sanjiv Singh said.

IOC plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd (CPCL) and build a brand new 9 million tonnes unit in the next five to six years. National Iranian Oil Co (NIOC), which holds 15.4 pc stake in Chennai Petroleum Corp, is keen to participate in the expansion project, Singh said.