- Business
- Chennai Petroleum Corporation Limited (CPCL), a subsidiary of Indian Oil Corporation Limited (IOCL) since the 1980s with IOCL holding a majority stake, refines crude oil and produces a broad portfolio of petroleum, petrochemical, and specialty products at its refineries in Manali near Chennai and the smaller Cauvery Basin Refinery (CBR) in Nagapattinam, Tamil Nadu, India; founded in 1965 as Madras Refineries Limited and renamed in 1994, the company is headquartered in Chennai and operates primarily in the Indian market with an installed refining capacity of 10.5 million metric tonnes per annum (MMTPA). Core products include liquefied petroleum gas (LPG), motor spirit (petrol), superior kerosene, aviation turbine fuel, high-speed diesel, naphtha, bitumen, lube base stocks, paraffin wax, fuel oil, hexane (food grade), petroleum coke (fuel and calcined grades), mineral turpentine oil, polypropylene, polyethylene, benzene, toluene, xylene (BTX), propylene, polybutene, micro crystalline wax, and sulphur; the company also supplies petrochemical feedstocks such as linear alkyl benzene feedstock (LABFS) to downstream industries including fertilizers, power generation, transportation, aviation, and chemicals. CPCL serves domestic sectors across transportation, agriculture, industry, and household use while exporting select products like base oils to global markets. In recent developments, CPCL seeks renewed government approval for its ₹36,400 crore expansion of the Cauvery Basin Refinery to 9 MMTPA capacity following the 2019 shutdown of the prior 0.5 MMTPA unit, with land acquisition of 1,300 acres completed since 2023, revised project costs from earlier estimates, and a new ownership structure featuring IOCL at 75% and CPCL at 25%; the company achieved record Q2 FY2025-26 performance with 114% capacity utilization, ₹20,034 crore revenue, ₹732 crore profit after tax, and a gross refining margin of $9.04 per barrel, alongside declaring a 50% dividend for FY2024-25.