BackNagarjuna oil refinery start-up delayed for a year
Company plans to double the capacity of the refinery by early 2016, says managing director
Premium(Nagarjuna’s planned plant in the South will be the country’s third privately owned refinery.)
New Delhi: Nagarjuna Oil Refinery Ltd has pushed back the start-up date of its 120,000 barrels-per-day (bpd) refinery to end-2013 or early 2014 from earlier plans to open by late this year, its managing director S. Ramasundaram said on Monday.
“It was hit by a cyclone on 30 December," Ramasundaram said at the Petrotech energy conference.
He added the company plans to double the capacity of the refinery by early 2016.
Oil trader Trafigura bought a 24% stake in the planned refinery in April, investing up to $130 million and replacing BP as Nagarjuna Oil Corporation Ltd’s crude supplier.
Nagarjuna’s planned plant in the South will be the country’s third privately owned refinery after Essar Oil Ltd and Reliance Industries Ltd’s world-leading complex. Reuters
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
