India's largest oil and gas company Indian Oil Corporation Limited recently said that Iran could still invest in one of its subsidiaries for a refinery expansion project. Iran has not ruled out its participation in the development at the Chennai Petroleum Corp. Ltd., which is a south India-based refinery that generates around 20,000 barrels per day (bpd).Iran has always been positive with the new rules and now the country should be able to invest. The Chennai Petroleum Corp. plans on investing up to $5.1 billion (356.98 billion rupees) for replacing the Nagapattinam refinery having 20,000 bpd capacity in the southern part of Tamil Nadu state with a plant of 180,000 bpd facility. Singh further said that a detailed feasibility report in regard to the expansion was yet to be prepared.
