From: Reuters
Published November 26, 2007 04:05 AM

Chevron says evaluating options on Reliance Petrol

MUMBAI (Reuters) - Chevron Corp <CVX.N>, the No. 2 U.S. oil firm, said on Monday it was evaluating its options for its stake in India's Reliance Petroleum <RPET.BO>, in which majority owner Reliance Industries <RELI.BO> sold 4 percent last week.

Chevron owns 5 percent in Reliance Petroleum and has an option to raise its holding to 29 percent.

Analysts say the U.S. major may review its plans for the option after Reliance Industries sold 4 percent for $1.0 billion last week, lowering its stake to 71 percent.

"Chevron continues to evaluate our options with our ownership in Reliance Petroleum. We will provide specific project updates when definitive decisions are made," a Chevron spokeswoman for its Asian operations said in an e-mailed response to Reuters.

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Reliance Petroleum is setting up a 580,000 barrels per day (bpd) refinery in western state of Gujarat, adjacent to its parent Reliance Industries' existing 660,000 bpd refinery.

(Reporting by Hiral Vora, Editing by John Mair)

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