Chennai Petroleum Corporation announced that Sanjiv Singh,Chairman, Indian Oil Corporation (IOCL) ceased to be the Non-Executive Chairman (DIN-05280701), Chennai Petroleum Corporation consequent to his superannuation from the services of IOCL (holding Company) on 30 June 2020.

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The Board of Directors of Chennai Petroleum Corporation at its meeting held on 03 June 2020 has considered and recommended a proposal, to the Board of Indian Oil Corporation (IOCL) subject to requisite statutory approvals, for implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, through a Joint Venture, at an estimated cost of Rs.28,983crore.

The Board of Directors of Chennai Petroleum Corporation also accorded in-principle approval for Incorporation of a Joint Venture, with IOCL & CPCL together holding 50% stake (i.e. 25% each in the JV) and balance 50% to be held by a Financial/Strategic/Public Investors and for CPCL to invest upto Rs. 2500 crore in the Joint Venture, subject to necessary approvals.

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The Board of Chennai Petroleum Corporation at its meeting held on 20 May 2020 has not recommended any dividend in view of losses during FY20.

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The Board of Chennai Petroleum Corporation at its meeting held on 20 May 2020 has approved to raise funds through domestic bonds upto Rs 1000 crore during FY 2021 through private placement towards balancing the short term /longterm mix. The proposed Bond issue would be within the overall borrowing limit of Rs 10000 crore as approved by the shareholders under section 180(1) (c) on 21 August 2019.

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