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FINANCIAL NEWS
Kharafi group signs $150m investment agreement
26 Nov 2010
(MENAFN) Kuwaiti family conglomerate, Kharafi Group, announced that it will invest $150 million in an Indian coastal refinery being built by Cals Refineries, Reuters reported.
The financing could finally allow Cals Refineries to push ahead with long-delayed plans to build the plant, which could cost as much as $1.10 billion.
The refinery, which produces 100,000 barrels per day (bpd) has repeatedly delayed its start up due to financial constraints.
The agreement between Al Kharafi and Cals Refineries will be subject to statutory government and regulatory approvals.
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