Chevron eyeing big profits in California
The company is investing US$1b to revamp its Richmond refinery which will outperform its rivals
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Richmond, Calif.
THE LAND of liberal politics, electric cars and strict pollution controls might seem like an odd place to drop US$1 billion into a 115-year-old oil refinery.
Chevron Corp sees an entirely different landscape in California: a uniquely isolated market, closed to new competitors, where the price of gasoline can skyrocket when even one refinery goes down.
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