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Our Bureau

Chennai , Aug. 24

"WE would rather stay in a small house of our own rather than rent a room in a big palace," was how Mr M.B. Samiei Khonsari, National Iranian Oil Company's nominee on the board of Chennai Petroleum Corporation Ltd (CPCL), described NIOC's position, when asked if his company would swap CPCL's shares for the refiner's parent, Indian Oil Corporation.

Speaking on the sidelines of the annual general meeting of CPCL, Mr Khonsari practically ruled out NIOC quitting CPCL. NIOC's stake in CPCL is the only hurdle to the company being merged with IOC.

At the annual general meeting, CPCL's Chairman, Mr S. Behuria, informed the shareholders that the company would undertake a de-bottlenecking exercise to raise the capacity of the newly-built refinery-III unit from 3 million tonnes to 4 mt.

He said that the company would invest Rs 52 crore in replacing the existing, old pipeline that brings crude oil from the Chennai port to the refinery.

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