India: Chevron to Sell its 5% Stake in Reliance Petroleum
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Friday, 24 October 2008 |
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Chevron is set to offload its 5 per cent stake in RPL to RIL, after
marketing talks between the US oil company and RIL failed, sources told
NDTV.
It is reported that the stake sale would happen at RPL’s IPO price
of Rs 60 a share. RPL is in advanced stage of commissioning its
Jamnagar refinery. Other differences in the RIL-Chevron discussions
concerned the issue of RIL using Shell’s technology and RIL’s sale of
RPL stake in 2007, sources said.
In the financial markets, RIL is down over 4 per cent while RPL has
lost over 8 per cent. The Sensex is down nearly 3 per cent in noon
trade.
PetrolWorld 231008
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