US oil giant Chevron is investing $300m in a new Indian refinery
US oil giant Chevron is investing $300m in a new Indian refinery, in order to meet growing demand from Asia.
It is buying 5% of Reliance Petroleum, a company set up by Indian conglomerate Reliance Industries to operate a new export refinery in north-west India.
The refinery with capacity of 580,000 bpd in Jamnagar wil process heavy crude and is due to open in December 2008.
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.