India Wants to Buy Iran's Stake in Chennai Petroleum Corp.

India Wants to Buy Iran's Stake in Chennai Petroleum Corp.

India's Petroleum Minister Dharmendra Pradhan on Saturday said that the Chennai Petroleum Corporation Ltd (CPCL), in which Iran has a minority stake, has to be merged with its parent company Indian Oil Corporation Ltd (IOCL).
Addressing a gathering at the CPCL refinery in Manali, near Chennai, the minister said, “When the next stage of expansions happen, it should be within the umbrella of IOCL. I am for CPCL’s merger with IOCL,” Business Standard reported.
Pradhan, however, said that there were some technicalities, such as those related to the shareholding of the state-owned National Iranian Oil Company.
NIOC holds a 14% share in CPCL, and due to sanctions, the funding for the expansion of CPCL was stuck. The Indian government has been looking into buying the stake and merging the refinery with IOCL.
Pradhan also said that during his visit to Iran and the US earlier this year, he had discussed the issues with the authorities concerned and that after sanctions on Iran were lifted, the scenario was changing.

Short URL : http://goo.gl/Whd5pu
  1. http://goo.gl/gu9QzO
  • http://goo.gl/IgYckt
  • http://goo.gl/IrHFi8
  • http://goo.gl/K1v9WW
  • http://goo.gl/yhXvtB

You can also read ...

China Can Substitute US Crude With Iranian Oil
Beijing’s retaliatory measures against US tariffs can include...
Iran to Tap International Banks for Energy Finance
Domestic water and power plans are expected to draw a total of...
Exxon to Build LNG Terminal in Australia
ExxonMobil plans to develop a project to import liquefied...
Goldman kept its forecast that Brent Crude will hit $82.50 a barrel this summer and end 2018 at $75 per barrel.
Despite expectations that OPEC and Russia will likely decide...
Japan Accelerates Plan for Restoring Gas Supply
Japan’s Osaka Gas Company said on Tuesday it would bring...
NIOC Needs to Maintain Current Output, Exports
Despite the US-Saudi Arabia ploy to coerce OPEC members' to...