People familiar with the matter told Bloomberg that the Indian state -owned refinery Chennai Petroleum Corporation Limited is discussing with the bank to obtain a loan of 3.30 billion US dollars (280 billion Indian rupees), which will help it build a refinery in southern India.

52%of the major shareholders of Chennai Petroleum are India’s largest oil refiners and Indian Oil CorporationKolkata Wealth Management. The company has proposed to build a total value of $ 3.9 billion in Tamil Nadang in the south (330 billion rupees) refinery.Jaipur Investment

The Iranian National Petroleum Corporation (NIOC) is also a shareholder of Chennai Petroleum. It holds 15.4%of the shares, but it will not participate in the construction of refineries.The new crude oil processing facilities will hold 75%of the shares of Indian Petroleum, while Qin Nai Petroleum will hold another 15%of the proposed new complex of the CAUVERY Basin Refining Plant.According to Bloomberg news, the National Bank of India is expected to lead the new refinery loan dealer.

With the increasing economic growth of higher than the average level and the increasing number of middle class, the Indian refinery is seeking expanding its oil refining capacity to meet the domestic demand for the increasing fuel.Lucknow Stock

According to reports, another state -owned oil refiner Ballat Petroleum (BPCL) is also negotiating with major local banks to obtain about $ 3.8 billion in loans to expand its capacity of a refinery.

In addition, India’s largest oil and natural gas exploration company is the Indian State -owned Petroleum and Natural Gas Company (ONGC). It is assessing plans to build oil refineries and petrochemical projects in India’s most population to build an oil refinery and petrochemical project in order to use growing fuel needs.Jaipur Wealth Management

Indian Petroleum Minister Hardeep Puri said at the Gastech conference held in Houston, USA last month that India will promote 35%of global energy demand growth in the next 20 years.Puri said: "If you say that global demand has increased by 1%, then our demand has increased three times. In the next two decades, 35%of global demand will grow from India in the future." (Xiao Chen compiled)

Simla Wealth Management