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Reliance Petroleum to raise $500 Mn for Jamnagar refinery
By siliconindia
Mumbai: Reliance Petroleum (RPL), a part of Mukesh Ambani-led Reliance Industries 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 in a refinery adjacent to its existing 33 million tonnes refinery mainly to export fuel to Europe and the U.S.
The refinery is expected to be commissioned later this year. Chevron of U.S. has picked 5 percent stake in RPL and has an option to raise the stake to 29 percent before the commissioning of the unit.
In 2006, RPL had raised about Rs 6,000 crore through its initial public offering to part finance the refinery project. Shares of Reliance Petroleum closed at Rs167.10, up 6.94 percent on the BSE.