CPCL incurs INR 1,000-crore in FY19 to support projects

14 May 2018

Chennai Petroleum Corporation Ltd (CPCL), a subsidiary of Indian Oil Corporation Ltd, will incur a capital expenditure of INR 1,000 crore for 2018-19 to support various ongoing projects.

Crude oil pipeline project

In all, the total cost of those projects that are under implementation is estimated at INR 2,540 crore.

The new crude oil pipeline project is expected to be mechanically completed by July, the BS-VI project during 2019-20 and the RLNG (re-gasified liquefied natural gas) project will be completed in phases from November 2018 onwards.

The CPCL board has given its in-principle approval for the proposed 9 MT refinery at Cauvery Basin, Nagapattinam, in Tamil Nadu, at a cost of INR 27,450 crore. Preparation of Detailed Feasibility Report is on and is expected to be completed by March 2019.

Revenue from operations was INR 44,188 crore against INR 46,608 crore, registering a growth of 9%.

In 2017-18, CPCL achieved highest-ever crude throughput of 10.789 mtpa.

The board has recommended a final dividend of INR 18.5 per equity share for the year.