Chevron to Buy Stake in Indian Refinery
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From Reuters
Chevron Corp. said it had agreed to spend $300 million to buy a 5% stake in a refinery being built in India, seeking to build the San Ramon, Calif.-based company’s position in the fast-growing Indian market.
The refinery, being developed in the town of Jamnagar by a unit of India’s Reliance Industries Ltd., will have the capacity to refine 580,000 barrels of crude oil a day. The refinery is to begin operations in 2008.
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