PDVSA to acquire stake in Paradip refinery

Petroleos de Venezuela, S.A. (PDVSA), a company engaged in the exploration, production, refining, and transportation of hydrocarbons, plans to acquire a stake in the Paradip refinery located in Orissa, India, from Indian Oil Corporation Ltd. (IOC), in exchange for committing almost half of the crude oil needed for processing in the 15 million ton a year refinery. If the deal is successful, IOC will own 51% of the refinery and the remaining 49% will be held by PDVSA. (July 2, 2008)