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Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL) was formed as a joint venture in 1965 between the Government of India (GOI), AMOCO and National Iranian Oil Company (NIOC) having a share holding in the ratio 74%, 13% and 13% respectively.
In 1985, AMOCO disinvested its stake in favour of the GOI and the shareholding percentage of GOI and NIOC stood revised at 84.62% and 15.38% respectively. Later GOI disinvested 16.92% of the paid up capital in favour of Unit Trust of India, mutual funds, insurance companies and banks on 19th May 1992, thereby reducing its holding to 67.7%. The public issue of CPCL shares at a premium of Rs 70 (Rs 90 to FIIs) in 1994 was oversubscribed to an extent of 38 times and added a large shareholder base. As a part of the restructuring steps taken up by the Government of India, Indian Oil Corporation acquired equity from GOI in 2000-01.
Business area of the company
The company is in the business of refining crude oil to produce & supply various petroleum products.
Petrochemical Feed Stocks
Awards and recognitions
2013CPCL was awarded the following prizes: Special prize for best reduction in steam leaks for the year 2013. 2nd prize for fumace/Boiler efficiency for the year 2012. Special prize for CBR for Insulation effectiveness of fumace for the year 2012 by Centre for High Technology (CHT)
Chennai Petroleum Corporation Limited is an Indian state-owned oil & gas corporation started on 18th November 1965. It is headquartered in Chennai. It was formerly known as Madras Refineries It was established as a joint venture in 1965 between the AMOCO, Government of India, & National Iranian Oil Company.
Chennai Petro is in the Refineries sector. It is refining crude oil to generate & supply several petroleum products manufacture & sale of lubricating oil additives. The holding company Indian Oil Corporation Limited markets most fuel products developed by Chennai Petroleum Corporation Limited.
It has 2 refineries with a combined refining capacity of 10.5 Million Tons annually. Its 1st refinery is Manali Refinery with Petrochemical feedstocks production facilities & Fuel Lube Wax. Its 2nd refinery is situated at Cauvery Basin. Its primary products are Superior Kerosene, LPG Motor Spirit, Aviation Turbine Fuel, High-Speed Diesel Naphtha Bitumen, Lube Base Stocks, Fuel Oil Hexane, Paraffin Wax, and Chennai Petroleum share price and stock analysis.MERGERS AND ACQUISITIONS
When there is a plan for the merger of oil companies from the Finance Minister, the oil major IOC has plans to consolidate its subsidiary Chennai Petroleum Corporation Ltd.SERVICES
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