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Chevron likely to raise stake in RPL to 29%

Chevron likely to raise stake in RPL to 29%
PTI
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First Published: Tue, Feb 20 2007. 03 24 AM IST
Updated: Tue, Feb 20 2007. 03 24 AM IST
New Delhi: US energy major Chevron Corp. may increase its stake in Reliance Petroleum Ltd (RPL) to 29% and explore equity partnership in Reliance Industries’ gigantic Krishna Godavari Basin gas field, when its chairman and chief executive David J. O’Reilly comes calling this week.
O’Reilly, who arrives here tomorrow on a four-day visit to India, is scheduled to meet Reliance Industries Ltd chairman and managing director Mukesh Ambani in Mumbai on 22 February to discuss cooperation between the two companies.
Chevron, which picked a 5% stake in RPL for $300 million (Rs1,319 crore) last April, has an option to raise its shareholding in the company, which is building a new 0.58-million barrels per day refinery, to 29%. This may be discussed on 21 February during a meeting at Jamnagar, which will also review the progress of the construction of the new refinery.
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First Published: Tue, Feb 20 2007. 03 24 AM IST
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