US energy major Chevron may pick up a stake in the Reliance Industries' upcoming Rs 27,000 crore (Rs 270 billion) refinery at Jamnagar in Gujarat.
RIL chairman Mukesh Ambani is in the US, meeting top executives of Chevron to possibly finalise a pact, industry sources said.
Reliance is looking for a strategic partner who could provide crude for processing at the new 29 million tonne unit and a company that can commit offtake of a certain proportion of the petroleum product made at the new refinery.
The new refinery would be located in the Jamnagar Special Economic Zone, which would give it several fiscal benefits.
The proposed refinery would be more complex than RIL's existing refinery with a Nelson Complexity Index of 14.0 as against 11.3 for RIL's refinery. The higher complexity would enable it to process crude at an average API gravity of 24 as against 28 for RIL's existing refinery.
The unit is expected to have a hydrocracker, which would boost gasoline production. RIL's existing refinery does not have a hydrocracker.
Reliance Industries Ltd, which was a non-integrated petrochemical company until the late-1990s, made its foray into refining by setting up a 540,000 barrels per day (27 million tonnes per annum) refinery at Jamnagar in Gujarat. The refinery started commercial operations in April 2000 and was built at a cost of $3.4 billion.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
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