January 2, 2019 / 5:14 AM / 6 months ago

Indian Oil says Iran has not ruled out participating in Chennai Petroleum expansion

NEW DELHI, Jan 2 (Reuters) - India’s biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran has not ruled out participating in a refinery expansion project at an Indian Oil subsidiary.

Indian Oil’s chairman Sanjiv Singh said that Iran had not said no to participating in the expansion of Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day refinery.

Iran’s participation has been questioned after India cut down its Iranian crude oil imports following U.S. sanctions.

Chennai Petroleum plans to invest over $5 billion for modernisation and expansion.

Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4 per cent stake in Chennai Petroleum, while Indian Oil has about a 52 percent share.

Singh said a detailed feasibility report for the expansion has yet to be prepared. (Reporting by Nidhi Verma; editing by Richard Pullin)

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