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Jamnagar News

Wednesday, February 21, 2007

Jamnagar - Chevron and Bhatinda - Mittal


On Tuesday Luxembourg-based Mittal agreed to a 0.7 B USD stake in  Guru Gobind Singh Refinery Ltd. refinery, which has a capacity of 180,000 barrels per day. Under the deal Mittal will own 49 percent , HPCL will own 49 percent, and the rest will be offered to financial institutions.

The deal with Mittal comes amid speculation that Chevron will expand its stake in privately owned RPL's proposed 27 million-ton, 580,000 barrels-per-day export refinery in Jamnagar, from 5 percent to 29 percent.
 
The $6 billion refinery is expected to begin operations in late 2008.
 
Chevron and Reliance may also partner on the KG Basin`s D6 deep-sea gas block,  which is believed to hold 35 trillion cubic feet of reserves.
 
HPCL and Mittal are exploring overseas refining and marketing opportunities and are looking to bid for foreign oil and gas assets.

--
Brip

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