SEBI clears Chevron's acquisition of 5% stake in RPL

21-Apr-06

Chevron had picked up a 5% stake in RPL for Rs 1320 crore last week and had the flexibility of ramping it up to 29%. Chevron has become a co-promoter of RPL a week after the proposal got clearing from the Securities and Exchange Board of India. RPL's 29-million tpa refinery plans to export jet fuel, diesel, gasoline and alkylates to North America and Europe. Naphtha, paraxylene, petcoke and aromatics are also to be produced by the refinery. Chevron is to supply a third of crude oil that the new refinery needs from the spot market and help market high-octane fuel produced at the unit in US and other western markets.