Chevron to sell stake in India refinery

Reliance Industries Ltd. will buy back Chevron Corp.'s 5% stake in a 580,000 b/d refinery in Jamnagar, India, at the original price of $300 million.

By OGJ editors
HOUSTON, Mar. 15 -- Reliance Industries Ltd. will buy back Chevron Corp.'s 5% stake in a 580,000 b/d refinery in Jamnagar, India, at the original price of $300 million.

Under the initial 2006 deal, Chevron had the option to raise its stake to 29%. Chevron, Reliance Industries, and the refinery's operating company jointly decided not to consummate those agreements.

Chevron cited "attractive investment alternatives and continuing low global demand for refined products" as the reasons for its sale.

More in Refining & Processing