Chevron picks 5% stake in RPL; can increase stake to 29%

The second MOU sets out the intent of both companies to collaborate in other areas in the energy value chain. 
 
The signing of the agreement and MOUs establish a significant foreign collaboration in the refinery sector. 
 
Mukesh Ambani, the chairman and managing director of Reliance Industries said, “The agreement and MOUs between Chevron and Reliance will be the first step in establishing a strong partnership with one of the world’s largest and most respected companies. Chevron is a pioneer, which has recognised the inherent strengths of India in the energy sector. I am happy that Chevron has taken the first significant step in participating in the growth story of India as a refinery destination in the world. ”
 
“We are very pleased to have forged this relationship with Reliance, one of India’s leading companies, which has excelled in the execution of world class projects.  This underscores the importance of Asia to Chevron generally and India specifically.  I look forward to working with Reliance in the development of the new refinery and jointly pursuing additional opportunities,” said Chevron chairman and chief executive officer Dave O’Reilly.
 
Chevron Corporation is one of the World’s leading energy companies with having revenues over USD 193.6 billion in 2005.  With more than 53,000 employees, Chevron and its subsidiaries conduct business in about 180 countries around the world producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products.