Indian State Refiner Looks to Raise $3.3 Billion for New Refinery

Indian state-owned refiner Chennai Petroleum Corporation Limited is holding discussions with banks to obtain a loan of $3.33 billion (280 billion Indian rupees) that would help it build a refinery in southern India, sources with knowledge of the plans told Bloomberg. Chennai Petroleum – whose 52% majority shareholder is India’s biggest refiner, state-held Indian Oil Corporation – has proposed to build a refinery worth a total of $3.9 billion (330 billion rupees) in the state of Tamil Nadu in the south. National Iranian Oil Company…