The Centre was for the merger of CPCL with Indian Oil Corporation, Union Petroleum Minister Dharmendra Pradhan said.
“Since Iran has a 15.30 per cent stake in CPCL, the merger is not happening. There are some technicalities to be dealt with,” he said.
“... some 50 years ago, two foreign countries [the U.S. and Iran] came together and we [India] cooperated and formed Madras Refineries Limited [later renamed as CPCL].
“Due to change in political scenario, we faced problems. Fortunately, now things are moving in the right direction. Recently, while in the U.S., we discussed the Iranian investment in CPCL,” Mr. Pradhan said, adding that the ball was in the court of the CPCL Chairman as to what to do next.
“When the next expansion of the refinery happens, it should happen within the umbrella of Indian Oil. The Centre feels that energy, including refining and marketing, should be under one umbrella,” Mr. Pradhan said.
Centre is for the merger of CPCL and Indian Oil Corporation, says Union Minister
