US oil major Chevron said Wednesday it was investing 300 million dollars in an Indian facility that is expected to become the world's largest refinery complex.
Chevron said it was buying five percent of Reliance Petroleum Ltd, a company set up by Indian conglomerate Reliance Industries to own and operate the export refinery being built at Jamnagar on India's north-west coast.
Reliance operates a 650,000-barrels-per-day refinery in Jamnagar. The new refinery of similar capacity is being built alongside, and combined the two would make the largest refinery complex in the world, Chevron said.
"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," Chevron chief executive Dave O'Reilly said.
"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," he said.