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Chennai Petroleum Corporation

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Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL), is a subsidiary of Indian Oil Corporation Limited which is under the ownership of Ministry of Petroleum and Natural Gas of the Government of India. It is headquartered in Chennai, India. It was formed as a joint venture in 1965 between the Government of India (GOI), Amoco and National 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 million tonnes per year in a record time of 27 months at a cost of ₹430 million (US$5.2 million) without any time or cost overrun.[5]

Chennai Petroleum Corporation Limited
Native name
CPCL
FormerlyMadras Refineries Limited
Company typeSubsidiary
BSE: 500110
NSE: CHENNPETRO
ISININE178A01016
IndustryOil and gas
Founded18 November 1965 (1965-11-18)[1]
Headquarters
Chennai
,
India
Key people
[2][3]
Products
RevenueIncrease₹60,474 crore (US$7.2 billion) (2022)[4]
Increase₹1,825 crore (US$220 million) (2022)[4]
Increase₹1,336 crore (US$160 million) (2022)[4]
Total assetsIncrease₹17,595 crore (US$2.1 billion) (2022)[4]
Total equityIncrease₹2,986 crore (US$360 million) (2022)[4]
Number of employees
1,684 (2020)[4]
ParentIndian Oil Corporation Limited
Websitewww.cpcl.co.in

In 1985, Amoco disinvested in favour of GOI and the shareholding 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 of Unit Trust of India, mutual funds, insurance companies and banks 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 large shareholder 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 at wax and petrochemical feedstocks production facilities.

CPCL has two refineries with a combined refining capacity of 11.5 million tonnes per year. The Manali Refinery in Chennai 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 is Nagapattnam Refinery located at Cauvery basin at Nagapattinam in Panagudi. 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 are LPG, Motor Spirit, superior kerosene, aviation turbine fuel, high speed diesel, naphtha, bitumen, lube base stocks, paraffin wax, fuel oil, hexane and petrochemical 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 the Bombay Stock Exchange and National 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 a Miniratna-I company by the government.[9]

Controversies

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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]

Product

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References

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  1. ^ "Company History – Chennai Petroleum Corporation Ltd". The Economic Times. Retrieved 1 June 2016.
  2. ^ "Gautam Roy appointed as CPCL MD". Business Standard. 14 October 2014.
  3. ^ "Directors – CPCL". cpcl.co.in. Archived from the original on 12 August 2016. Retrieved 1 June 2016.
  4. ^ a b c d e f "Chennai Petroleum Corporation Ltd. Financial Statements". moneycontrol.com.
  5. ^ "CPCL – History". NDTV Profit. Retrieved 1 June 2016.
  6. ^ "Business Refineries". CPCL. Archived from the original on 6 January 2017. Retrieved 17 March 2017.
  7. ^ "Chennai floods: Chennai Petroleum plunges 5% as company shut its refinery". Daily News and Analysis. 3 December 2015.
  8. ^ "CPCL resumes rest of the operations at Manali Refinery". Business Standard. 24 December 2015.
  9. ^ compiled; O'Brien, edited by Derek (2009). The Penguin-CNBC-TV18 business yearbook, 2009. New Delhi, India: Published by Penguin Books India in association with CNBC-TV18 Network. p. 353. ISBN 978-0143065708. {{cite book}}: |first2= has generic name (help)
  10. ^ Gas Leak: வடசென்னையில் CPCL தொழிற்சாலையில் இருந்து நச்சு வாயு வெளியேறுகிறதா? BBC Ground Report (in Tamil), 30 August 2022, retrieved 30 August 2022
  11. ^ Technical committee report on Manali LPG odour confirms CPCL as source, 9 August 2022
  12. ^ "NGT 3-Day ultimantum to CPCL & TNPCB to cleanup Ennore oil spill as delay leads to 20 sq km spread", The Times of India, 15 December 2023, retrieved 15 December 2023
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