Global Refining President Jeet Bindra Elected to Reliance Petroleum Ltd.'s Board of Directors
SAN RAMON, Calif., July 21, 2006 -- Chevron Corporation (NYSE: CVX) today announced that Reliance Petroleum Ltd. (RPL) has elected Jeet Bindra, president of Chevron Global Refining, to its board of directors effective July 21, 2006. David C. Reeves, president of Chevron Global Supply and Trading, has been named an alternate representative to the RPL board.
In April 2006, Chevron announced that it was acquiring a 5 percent stake in RPL, a company formed by Reliance Industries Ltd. (RIL) to own and operate a new 580,000-barrel-per-day export refinery being constructed in Jamnagar, India. The refinery is due to be completed by the end of 2008 and when combined with RIL's existing 650,000-barrel-per-day refinery, stands to become the largest refining complex in the world based on current capacities. With the five percent investment came the right for Chevron to nominate a director to the RPL board and the future right to purchase additional RPL shares to increase its equity ownership to 29 percent.
"We extend a warm welcome to Jeet Bindra as a director on the board of Reliance Petroleum Ltd. and to David Reeves as an alternate to Mr. Bindra. The company will benefit from their distinguished experience and expertise," said Mukesh Ambani, chairman and managing director of RIL.
Bindra, 58, has served as the president of Chevron's Global Refining operation since Jan. 1, 2004. Prior to that, he held a variety of other key management positions since joining the company in 1977, including serving as managing director and CEO of Caltex Australia Ltd., a publicly traded company in which Chevron Corporation holds 50 percent interest.
A native of India, Bindra earned his bachelor's degree in chemical engineering from the Indian Institute of Technology in Kanpur in 1969 and, a year later, earned his master's degree in chemical engineering from the University of Washington in Seattle. He earned his a master's degree in business administration with honors from Saint Mary's College of Moraga, California in 1979.
"We are very pleased to have forged a relationship with Reliance, one of India's leading companies, as we continue to expand our operations in Asia—a region of strategic importance to Chevron," said Dave O'Reilly, Chevron chairman and CEO.
Chevron Corporation is one of the world's leading energy companies. With more than 53,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at www.chevron.com.
Updated: July 2006