Cals Refineries buys Petro Canada unitsMay 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.
Tags: bp, crude oil supply, distillation units, dubai holding, energy company, gdr issue, global depository receipt, investment group, investments, investor, london, luxembourg stock exchange, memorandum of understanding, mou, petro canada, petroleum, refineries, rp, spice group