Cals Refineries to buy Petro Canadas units

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New Delhi, May 20 (UNI) Spice Energy Group company Cals Refineries today said it will buy a crude distillation, vacuum distillation and delayed coker unit from Petro Canada's Edmonton facility for about 110 million dollars.

The deal has been signed for these units recently and is worth about 110 million dollars free on board, a company statement said.

In 2006-07, the Paris-based International Energy Agency (IEA) estimated an additional global crude oil distillation capacity requirement of 580 mtpa by 2011.

Cals Refineries has also signed a memorandum of understanding with the world's third largest energy company, BP, for a crude oil supply and product offtake deal a few months ago.

It had raised 200 million dollars through a global depository receipt (GDR) issue on the Luxembourg Stock Exchange in November, attracting investments from the Dubai Investment Group, a part of Dubai Holding and London's RP Capital.

The company now plans to further raise 100-200 million dollars from a strategic investor.

UNI SR AK HS1431

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