04-12-2006, 09:44 PM
<b>Chevron invests in India refinery</b>
<b>US oil giant Chevron is investing $300m in a new Indian refinery as it looks to meet growing demand from Asia.
It is buying 5% of Reliance Petroleum</b>, a company set up by Indian conglomerate Reliance Industries to operate a new export refinery in north-west India.
The 580,000 barrels-per-day site in Jamnagar will process heavy crude and is due to open in December 2008.
<b>It will sit next to another similar sized Reliant-owned facility, creating the world's biggest refinery complex.</b>
Chevron has the right to increase its stake in the refinery to 29% at a late date. It has an agreement with Reliance to try to collaborate on other energy projects in the region.
"This underscores the importance of Asia to Chevron generally, and India specifically," said Chevron chief executive Dave O'Reilly.
<b>Chevron said the new refinery would increase its ability to process a wide variety of hard-to-refine crude oils.</b>
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->
<b>US oil giant Chevron is investing $300m in a new Indian refinery as it looks to meet growing demand from Asia.
It is buying 5% of Reliance Petroleum</b>, a company set up by Indian conglomerate Reliance Industries to operate a new export refinery in north-west India.
The 580,000 barrels-per-day site in Jamnagar will process heavy crude and is due to open in December 2008.
<b>It will sit next to another similar sized Reliant-owned facility, creating the world's biggest refinery complex.</b>
Chevron has the right to increase its stake in the refinery to 29% at a late date. It has an agreement with Reliance to try to collaborate on other energy projects in the region.
"This underscores the importance of Asia to Chevron generally, and India specifically," said Chevron chief executive Dave O'Reilly.
<b>Chevron said the new refinery would increase its ability to process a wide variety of hard-to-refine crude oils.</b>
Cheers <!--emo&:beer--><img src='style_emoticons/<#EMO_DIR#>/cheers.gif' border='0' style='vertical-align:middle' alt='cheers.gif' /><!--endemo-->