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

NEW DELHI, - 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.

from Economic Times http://bit.ly/2R2vAQZ