Economics
Iran to Double Down on Investment in Oil's Growth Engine India
- Naftiran to get 15 billion rupees as equity capital in CPCL
- Chennai Petroleum to boost Nagapattinam plant capacity 9-fold
A refinery stands in the Mahul area of Mumbai, India, on June 28, 2018.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Iran will invest about 15 billion rupees to expand a refinery run by Chennai Petroleum Corp. in south India, the company’s managing director said, amid U.S. sanctions on the Persian Gulf nation that have severely hit its oil exports.
The state-run company is boosting capacity at its Nagapattinam facility by nine-fold to process 9 million tons per year and the investment is Naftiran Intertrade Co.’s share of the 275 billion rupees ($4 billion) expansion plan, Managing Director S.N. Pandey said in an interview in Chennai last week. The rest of the investment will be through debt and equity, including fresh capital from its main founder Indian Oil Corp.