Cals Refineries, owned by the privately held Spice Group, has bought two distillation units and a delayed coker plant of Petro Canada for $110 million to enhance its capacity of processing complex crude oil that has high sulphur content and is heavy with density.
The company is in the process of setting up about 5 million tonnes per annum (mtpa) capacity refinery at an investment of $1 billion in Haldia by relocating an existing refinery of Bayernoil in Ingolstad, Germany.
Cals Refineries had signed a memorandum of understanding with the world's third largest energy company, BP, for a crude oil supply and product offtake deal a few months ago. Cals Refineries raised $200 million through a global depository receipt (GDR) issue on the Luxembourg Stock Exchange in November, attracting investments from the Dubai Investment Group, a part of Dubai Holding and London's RP Capital. It is now hoping to raise a further $100-200 million from a strategic investor.
Read more in The Business Standard article.
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