Reliance buys into Gulf Africa Petroleum Corp

reliance

A picture of Reliance’s Jamnagar petrochemical refinery complex

Refiner Reliance Industries said on Tuesday it had bought a majority stake and management control of east African oil retailer Gulf Africa Petroleum Corp (GAPCO) for an undisclosed sum.

Reliance, India’s largest private company, operates a 660,000 bpd refinery in India. Reliance Petroleum Ltd, a subsidiary in which Chevron Corp holds 5 percent, is building a 580,000 bpd unit nearby. The Hindustan Times paper reported on Tuesday that Reliance Industries, which has a market capitalisation of $67 billion, was eyeing a 50 percent stake in Kenya’s sole refinery.

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