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Native name | CPCL |
|---|---|
| Formerly | Madras Refineries Limited |
| Company type | Subsidiary |
| BSE: 500110 NSE: CHENNPETRO | |
| ISIN | INE178A01016 |
| Industry | Oil and gas |
| Founded | 18 November 1965 (1965-11-18)[1] |
| Headquarters | , |
Key people |
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| Products | |
| Revenue |  ₹60,474 crore (US$7.2 billion) (2022)[4] |
| ₹1,825 crore (US$220 million) (2022)[4] | |
| ₹1,336 crore (US$160 million) (2022)[4] | |
| Total assets | ₹17,595 crore (US$2.1 billion) (2022)[4] |
| Total equity | ₹2,986 crore (US$350 million) (2022)[4] |
Number of employees | 1,684 (2020)[4] |
| Parent | Indian Oil Corporation Limited |
| Website | www |
Chennai Petroleum Corporation Limited (CPCL), formerly known asMadras Refineries Limited (MRL), is asubsidiary ofIndian Oil Corporation Limited which is under the ownership ofMinistry of Petroleum and Natural Gas of theGovernment of India. It is headquartered inChennai, India. It was formed as ajoint venture in 1965 between the Government of India (GOI),Amoco andNational Iranian Oil Company (NIOC), having a shareholding in the ratio 74%: 13%: 13% respectively. From the grassroots stage CPCL Refinery was set up with an installed capacity of 2.5 milliontonnes per year in a record time of 27 months at a cost of₹430 million (US$5.1 million) without any time or cost overrun.[5]
In 1985, Amoco disinvested in favour of GOI and theshareholding percentage of GOI and NIOC stood revised at 62% and 15.38% respectively. Later GOI disinvested 16.92% of the paid up capital in favor ofUnit Trust of India,mutual funds,insurance companies andbanks on 19 May 1992, thereby reducing its holding to 67.7%. The public issue of CPCL shares at a premium of₹ 70 (₹ 90 to FIIs) in 1994 was oversubscribed to an extent of 27 times and added a largeshareholder base of over 90000. As a part of the restructuring steps taken up by the Government of India,Indian Oil Corporation Limited (IOCL) acquired equity from GOI in 2000–01. Currently IOC holds 51.88% while NIOC continued its holding atwax andpetrochemical feedstocks production facilities.
CPCL has two refineries with a combined refining capacity of 11.5 million tonnes per year. TheManali Refinery inChennai has a capacity of 10.5 million tonnes per year and is one of the most complex refineries in India with fuel, lube, wax and petrochemical feedstocks production facilities. CPCL's second refinery isNagapattnam Refinery located atCauvery basin atNagapattinam inPanagudi. This unit was set up in Nagapattinam with a capacity of 0.5 million tonnes per year in 1993 and later enhanced to 1.0 million tonnes per year.[6] Now this 1.0 million tonnes per year refinery is being dismantled to increase its capacity to 9.0 million tonne per year with cost of₹27,000 crore (US$3.2 billion) this new project will be completed by 2022 and will boost the company growth further. The main products of the company areLPG, Motor Spirit, superiorkerosene,aviation turbine fuel, high speeddiesel,naphtha,bitumen,lube base stocks,paraffin wax,fuel oil,hexane andpetrochemical feed stocks. The wax plant at CPCL has an installed capacity of 30,000 tonnes per annum, which is designed to produce paraffin wax for manufacture of candle wax, waterproof formulations and match wax. A propylene plant with a capacity of 17,000 tonnes per annum was commissioned in 1988 to supply petrochemical feedstock to neighbouring downstream industries. The unit was revamped to enhance the propylene production capacity to 30,000 tonnes per annum in 2004. CPCL also supplies LABFS to a downstream unit for the manufacture of liner alkyl benzene.
CPCL plays the role of a mother industry supplying feedstocks to the neighbouring industries in Manali. CPCL's products are marketed through IOCL. CPCL's products are mostly consumed domestically except naphtha, fuel oil and lubes which are partly exported.
CPCL has also made pioneering efforts in the field of energy and water conservation by setting up a wind farm and sewage reclamation and sea water desalination plants.
For the entire financial year 2021-22 (FY22), CPCL consolidated net profit was Rs 1,352 crore. Total Revenue for FY 2021-22 was Rs 60,074 crore.
CPCL's equity shares are listed on theBombay Stock Exchange andNational Stock Exchange of India.
The production line has been affected multiple times due to nature's adversities in form of drought and excessive rains.[7][8]
It is categorized as aMiniratna-I company by the government.[9]
It has been reported by affected people & environmentalists & that CPCL is releasing Hydrogen Sulphide gas, potent neurotoxins that can damage children’s brain.[10] directly into atmosphere. While CPCL denied it, TNPCB Technical committee report on Manali gas leak confirmed CPCL as the source & recommended CPCL to carry out several capacity building measures including reducing use of bad quality high sulphur crude oil, among other steps.[11]
After the Dec 4th 2023 Chennai floods, CPCL Manali LPG had oil leaks but cleanup didn't start until 7th Dec. As golden period was missed, spill extended to 20 sq. km. impacting more people, property, animals & river. NGT was forced to issue 3-day ultimantum to cleanup & file report on 18th Dec.[12]
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