Cals Refineries buys Petro Canada units

May 20th, 2008 - 8:35 pm ICT by admin  

Mumbai, May 20 (IANS) Cals Refineries, owned by the Spice Group, has bought two distillation units and a plant of Petro Canada, a petroleum downstream company, for $110 million. Cals Refineries also signed a memorandum of understanding (MoU) with the world’s third largest energy company, BP, for a crude oil supply and product off-take deal, the company said in a release Tuesday.

It 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 now hopes to raise a further $100-200 million from a strategic investor.

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