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Chennai Petroleum Shuts Refinery Resulting from 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 time attributable to heavy flooding within the southern state of Tamil Nadu, sending its shares down as much as 5 p.c to furnace oil delivery a week-low.

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

“We now have shut down the whole refinery from final night time as a result of heavy rains and floods,” Chennai Petroleum Managing Director Gautam Roy told Reuters on Thursday in a short telephone conversation.

The company’s smaller 20,000 bpd Nagapattinam refinery was, however, working usually, he said.
Chennai Petroleum’s shares had been down 4 p.c at 194 rupees ($2.91) in afternoon commerce on Thursday. They earlier furnace oil delivery hit a low of 191.60 rupees.