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As Iran seeks new possibilities of growth amidst debilitating U.S. sanctions, the country’s ambassador to India has said that Iran is ready to invest in the expansion of a South Indian refinery. Chennai Petroleum (CPCL) seeks to invest about $5.1 billion to expand Nagapattinam refinery to a 180,000-bpd plant. Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, own a 15.4% stake in CPCL.
