Chennai Petroleum Shuts Refinery As a result of Flooding, Shares Down

NEW DELHI (Reuters) – Chennai Petroleum Corp Ltd (CHPC.NS) shut its 210,000 barrels per day (bpd) Manali refinery on Wednesday night attributable to heavy flooding within the southern state of Tamil Nadu, sending its shares down as much as 5 % to a week-low.

The state-run company, a unit of the country’s biggest refiner Indian Oil Corp (IOC.NS), is the primary gasoline supplier to town of Chennai that has been submerged by the strongest spell of rain in greater than a century.

gas storage tank

“We’ve got shut down your entire refinery from last evening as a consequence of heavy rains and floods,” Chennai Petroleum Managing Director Gautam Roy informed Reuters on Thursday in a short phone dialog.

The company’s smaller 20,000 bpd Nagapattinam refinery was, however, operating usually, he said.

Chennai Petroleum’s shares had been down 4 % at 194 rupees ($2.91) in afternoon commerce on Thursday. They earlier hit a low of 191.60 rupees.

If you adored this information and you would such as to get even more info concerning gasification kindly check out the website.

Leave a Reply