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Reliance Petroleum to raise $500 mn for Jamnagar refinery

Reliance Petroleum to raise $500 mn for Jamnagar refinery
PTI
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First Published: Tue, Apr 01 2008. 04 50 PM IST
Updated: Tue, Apr 01 2008. 04 50 PM IST
Mumbai: Reliance Petroleum, a part of Mukesh Ambani-led Reliance Industries, Tuesday said it will raise $500 million (about Rs1,998 crore) for its new export- oriented refinery at Jamnagar.
The company has executed a facility agreement to raise the amount for the Jamnagar Refinery project, Reliance Petroleum said in a filing to the Bombay Stock Exchange.
RPL is building a 580,000 barrels per day refinery adjacent to its existing 33 million tonnes refinery mainly to export fuel to Europe and the US.
The refinery is expected to be commissioned later this year. Chevron Corp of US has picked 5% stake in RPL and has an option to raise the stake to 29% before the commissioning of the unit.
In 2006, RPL had raised about Rs6,000 crore through its initial public offering to part finance the refinery project.
Shares of Reliance Petroleum closed at Rs167.10, up 6.94% on the BSE.
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First Published: Tue, Apr 01 2008. 04 50 PM IST