FDI in refineries promoted by public sector undertakings was raised to 49 per cent after the 1997 norm of 26 per cent failed to attract investments.
In private refineries, FDI up to 100 per cent is allowed through automatic route. Last year, Chevron bought 5 per cent stake for $300 million in Reliance Petroleum’s planned 27 million-tonne export-oriented refinery in Jamnagar.
Mittals have also formed a 50:50 joint venture with HPCL to bid for 51 per cent stake in the 9 million tonnes Port Harcourt refinery in Nigeria, where the government has invited expression of interest for a strategic partner.
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