CPCL’s New Leadership and Expanding Retail Vision

H Shankar formally took over as Chennai Petroleum Corporation Ltd.'s (CPCL) Managing Director (MD), signaling a significant shift in the company's leadership.

His promotion occurs at a pivotal moment when the Indian Oil Corporation (IOCL) subsidiary plans major development projects and gets ready to diversify into the retail fuel sector. Shankar described the company's future plan in a thorough discussion with Shine Jacob in Chennai. Regarding CPCL's foray into the retail sector, he clarified that the company's independence as a refinery exposes it to large swings in oil prices, which frequently results in erratic variations in profitability.

In 1965, the Government of India (GOI), AMOCO, and National Iranian Oil Company (NIOC) established Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL), as a joint venture. IOCL, NICO, and others currently own 51.89%, 15.40%, and 32.71% of the shares, respectively.

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In 1969, CPCL was envisioned as a grassroots refinery with a 2.5 MMTPA installed capacity. With an installed refining capacity of 10.5 MMTPA, CPCL is currently one of the biggest refining corporations in South India, having been created with perseverance and tenacity.

With one of the most intricate refineries in the nation, CPCL stands out among India's public-sector refining enterprises and produces a variety of petroleum products with added value. Additionally, it spearheaded important projects in a number of fields, including environment management, technology absorption, energy discussion, and process optimization.