CPCL plans Rs 7,000 cr investment in Manali Refinery

Chennai, Sep 8 (UNI) The public sector Chennai Petroleum Corporation Limited (CPCL) has proposed to invest about Rs 7,000 crore over the next four years in various expansion projects at its Manali Refinery.

A company release here said the funding for the projects would be through internal accruals and borrowings from outside and the projects included Resid Upgradation Project and Auto Fuel Quality Upgradation to meet Euro IV standards.

The company also proposed to revamp the Naptha Hydro Treating and Catalytic Reforming Unit at Manali to produce high quality MS and expand the capacity of Refinery III at Manali.

CPCL had declared a final dividend of 120 per cent for the year 2007-08, Indian Oil Group companies Chairman S Behuria announced at the company's 42nd Annunal General Meeting (AGM) held here today.

CPCL had been maintaining uninterrupted dividend paying record for the 37th consecutive year. The company's turnover for the year 2007-08 was the highest-ever at Rs 32,889 crore against Rs 29,349 crore made last year, a growth of 12 per cent, the release said.

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