The Nagarjuna Oil Corporation's refinery at Cuddalore is likely to be commissioned by early 2013. This is a delay of almost six-nine months due to the damage caused by cyclone Thane, which hit Cuddalore last year.
The loss due to the cyclone was only around Rs 60 crore but it took away ‘crucial time' and delayed the plant's commissioning, said a senior company official who did not want to be identified. However, the company managed to rectify the damages and is back to regular planned construction activities, he said.The refinery, being built over 1,600 acres, located 200 km south of Chennai between Cuddalore and Chidambaram, is the largest private sector investment in Tamil Nadu at an estimated Rs 10,000 crore. The project was planned in July 2001 but work started in 2006 after getting all the clearances. But for Thane, the project would have commenced in March, the official said.
PACT WITH IOC
Meanwhile, Indian Oil Corporation will sell petroleum products of Nagarjuna Oil. An agreement to this effect was signed between the two companies at the refinery site today.The exact requirement of IOC will be known closer to the plant's commissioning. Nagarjuna Oil is also holding talks with Hindustan Petroleum and Bharat Petroleum for such a distribution agreement, the official said.
IOC has over 1,750 retail outlets selling petrol, diesel and lubes in Tamil Nadu and Puducherry.It has a 50 per cent market share in retail marketing of petrol and diesel in the two locations. A press release issued by Nagarjuna said that the tie-up could bridge the current deficit in supply of petrol, diesel and LPG in Tamil Nadu. There is a deficit of around 3 million tonne (mt), which is currently being met by imports from refineries on the west coast. The NOCL refinery is designed to produce 2.7 mt of diesel; 0.8 mt of petrol and 0.7 mt of LPG.NOCL is jointly promoted by the Tamil Nadu Industrial Development Corporation and Hyderabad-based Nagarjuna Group. The Tata Group and Trafigura of Europe are the other major shareholders in NOCL.
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