Indian Oil says Iran may still invest in Chennai Petroleum expansion

India's biggest refiner Indian Oil Corp Ltd said on Wednesday that Iran may still invest in a refinery expansion project at one of its subsidiaries. Indian Oil's chairman Sanjiv Singh said that Iran has not ruled out participating in the expansion at Chennai Petroleum Corp Ltd, a south India-based 20,000 barrels per day (bpd) refinery.

Iran's participation has been questioned after India cut back its Iranian crude oil imports following US sanctions. However, Singh's comments come a few days after India exempted.

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