Chennai Petroleum Corporation Ltd (CPCL) has asked Engineers India Ltd (EIL) to make research studies on process configuration and pre-feasibility for establishing a 15 million tons refinery and petrochemical unit at Ennore.
CPCL has also urged the Tamil Nadu Government to allocate 3,000 acres for setting up this proposed project.
At a press conference held on December 14, KK Acharya, Managing Director of CPCL said that the project would require an investment of Rs35,000-40,000 crore. It was to make the project more economically affordable that the petrochemical element was added. In fact this would also help procure better proceeds.
NC Sridharan, Director (Finance) of CPCL said that the project would require the partnership of more than one company and for this very purpose, CPCL would collaborate with Indian Oil Corporation (IOC). However, Mr Sridharan also confessed that the project was still in its development stage and has not been approved yet. EIL is expected to submit its study reports by June 2008 and it is not until 2010 that the project will get started.
CPCL is also looking forward to establish a propylene recovery unit at Manali worth around Rs300 crore. This apart a windmill project is also being set up near Pollachi at Palghat pass having a total capacity of 17.6 MW and costing about Rs90 crore.
Moreover, the company saw an annual turnover of Rs29,349 crore in the period 2006-07 which was an increase compared to Rs25,409 crore the year before. The total profit made after excluding tax comes to Rs565 crore which is also up from Rs481 crore of the previous year.
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