Chennai Petroleum plans capex of Rs7.6b

Oil refining company Chennai Petroleum Corporation Limited (CPCL) plans a capital expenditure (capex) of Rs760 crore (Rs7.6 billion)  this fiscal on various projects, said a top company official. Speaking to reporters here, CPCL managing director A.S. Basu said: “Nearly 50 per cent of the investment will go towards the company’s resid upgradation project. The company will also invest in laying the crude oil pipeline connecting Chennai port with the refinery.” The resid upgradation project, expected to go on stream next year, is awaiting the environmental clearance from the central government, he said. from:gulftoday